Bulk logistics and solid fuels supplier Hargreaves Services has confirmed the issue of a second tranche of a new shares worth £21.15m, following shareholder approval at a meeting on 7 May.

The 2.73m new shares, due to be released onto the market immediately, bring to fruition its plan to raise over £42m from investors to expand its portfolio.

Hargreaves, which was named Haulier of the Year at last year’s Tip-ex show, placed an initial tranche of shares on the market in April, raising just over £21m.

Tim, Ross, non-executive chairman of the company, said the move would enable it “to accelerate our strategy of expanding Hargreaves’ portfolio of UK surface mining assets and development pipeline through acquisition”.

He added that the fundraising would also “consolidate the company’s position as a leading owner and operator of surface mines and provide significant benefits for the wider operations of Hargreaves”.