Friday 16th May 2008
Maple raises £12.5m
Peru gas, oil and ethanol play Maple Energy has secured C$25 million (£12.83 million) at 160p to advance its projects.
Quoted on AIM and in Peru, and based in the Peruvian capital, Lima, the company raised the money through broker Mirabaud Securities to increase its holding in gas and gas-fired power producer Aguaytia Energy from 14.3 to 17.2 per cent and to meet some expenses involved in a £90 million ethanol project in north-west Peru’s Piura region. Maple, whose chief executive officer Rex Canon hopes eventually to produce 30 million gallons of ethanol a year from Piura, is also involved in crude oil production elsewhere in the country.
Floated at 84p last year and highlighted by Growth Company Investor at 110p last August, Maple’s shares have now reached 166p, valuing the company at £135 million. They could still fare better than others in the sector.
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