- Active Energy Group has raised £1.0m through a placing of 20 million new ordinary shares at 5p apiece with Ruffer LLP.

The proceeds of the placing will be utilised by the group to continue expanding its rapidly growing and profitable wood chip operations to satisfy the continually-increasing demand for its products from the Turkish MDF manufacturing sector, in which AEG has established an excellent reputation and strong market presence.

Chief executive Richard Spinks said: "Our recently-announced 2014 Results confirm that AEG has grown substantially over the past three years under the new management team, and the ambitious volume and revenue targets that we have set ourselves have made it necessary for us to seek additional funding to support our ongoing growth."

"During 2014, we relocated our core wood chip operations to a modern facility where our daily wood chip production capacity is currently 960 tonnes, equating to approximately 313,500 tonnes per annum. The proceeds of this Placing will enable a four-fold increase in that daily production capacity to up to 4,000 tonnes, equating to approximately 1,280,000 tonnes per annum."

"We are delighted that Ruffer LLP, one of our long-term shareholders and one of London's most respected financial institutions, continues to support the business and the team at AEG. We thank them and all our other shareholders for their support and confidence in the Group, and we look forward to taking them with us to ever greater heights."

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