Altona successfully completed the placement of more than 59 million shares at 1.4 pence (A2.3c) per share to Wintask.

It delivers about £835,800 before expenses to Altona Energy.

The Wintask Group is 100%-owned by Chinese national Qinfu Zhang and is located in a hi-tech industrial zone in China where it has developed energy-efficient micro-emission coal-fired boilers.

Under the terms of the agreement, the second tranche of the placement will be subject to shareholder approval.

As a condition of the completion of the first tranche, the company offered Wintask representation on the board, with the offer to appoint a non-executive director accepted.

The company also announced managing director Chris Schrape was stepping down immediately.

The board of directors has decided to hold off on the appointment of an MD while it considers its options.