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Euronext-listed Ecoslops, a technology company that upgrades ship-generated hydrocarbon residue, or 'slops', into new fuels and light bitumen, has managed to secure a EUR 4.98 million capital increase from its shareholders.

Commenting on the news, CEO Vincent Favier said: "This capital increase has been a great success. I would like to thank our current shareholders as well as the new shareholders who joined us on this occasion with the confidence we have been shown. The proceeds of this capital increase will enable Ecoslops to finance its development in France and abroad."

At the end of the share subscription period, which ended on October 20, 710,359 new shares were requested, representing a subscription of 213 percent compared to the 333,199 initial shares offered.

Given the level of demand registered, Ecoslops decided to exercise the full extension clause of 49,979 additional shares, bringing the capital increase to an overall gross amount of EUR 4.98 million for a total of 383,178 new shares issued at EUR 13.00 per share.

Settlement and admission to trading on the Euronext Growth Paris market for new shares is scheduled for October 27. The new shares are to have current dividend rights and be immediately assimilated to the existing shares of the company.

CM-CIC Market Solutions and D'Hoir Beaufre Associes acted as advisers in the transaction.

As previously reported, at the end of June 2017, the company had a cash position of EUR 4.5 million, which was up from EUR 4.3 million at the end of 2016.

During the first half (H1) of 2017, Ecoslops also contracted EUR 1 million in new medium-term bank loans and benefited from the exercise of EUR 226,000 bonds into new shares.

Ecoslops' H1 revenue rose by EUR 1.383 million, or 88.9 percent, year-on-year (YoY), to EUR 2.939 million.

In terms of sales volume, 9,700 tonnes were sold by the firm in H1 compared to 3,700 tonnes last year, whilst there was also an increase in the average selling price per tonne.

Group earnings before interest taxes, depreciation, and amortization (EBITDA) came in at a loss of EUR 74,000, which was a EUR 1.8 million improvement on last year.