viewEco City Vehicles

Eco City Vehicles gets cash injection from MXC Capital

As an investing company, Eco City must complete an acquisition by January 20.

Eco City is looking to invest in the technology sector

AIM-listed cash shell Eco City Vehicles (LON:ECV) received a boost today as MXC Capital Markets pledged to invest £1.3mln in the former taxi supplier.

Eco City is looking to invest in the technology sector, and is issuing 409mln shares at 1.22p per share to raise around £5mln.

MXC will take a 24.7% stake in Eco City for £1.3mln as part of the fundraising and will act as its financial adviser.

Last year, Eco City, which had supplied London’s licensed low-emission Mercedes Vito taxis, went into administration, although it later exited administration via a company voluntary agreement.

It blamed the controversial Uber taxi app and Mayor Boris Johnson’s environmental proposals for a lack of demand.

The company was the biggest gainer on Tuesday, as its shares rocketed 140%, or 2.6p to 4.5p.

As an investing company, Eco City must complete an acquisition which constitutes a reverse takeover by January 20.

In addition to the subscription, the directors are subscribing for 3.2mln shares in lieu of receiving unpaid directors' fees of £40,000.

Quick facts: Eco City Vehicles

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Market: AIM
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