Commercial ports & logistics has raised £ 9.6m pre-cost on a placement and subscription, it announced on Friday.

The company traded by AIM has also made an offer on the PrimaryBid platform, which closed to participation on Thursday at 0800 BST.

The offer was said to have grossed £ 0.5 million at 0.45 pence per common share.

The Company would therefore issue and allot a total of 111,614,477 new shares to fulfill the PrimaryBid offering.

“The company will use the funds raised to finance the servicing of new and existing contracts, the construction of additional storage facilities, debt servicing and general working capital purposes,” the board said in its statement.

At 1446 BST, Mercantile Ports & Logistics shares fell 18.18% to 0.45 pence.