Construction company Northern Bear is looking to double the three acquisitions it has already made this year after securing a £3.15 million share placing.

The County Durham-based business held a general meeting yesterday where resolutions were passed to allow the placing of some 2.4 million new ordinary shares to raise the capital.

Funds from the placing will be added to the company’s resources and bank facilities to finance purchases.

The basic details of three acquisitions have been agreed by the group and all are expected to be completed by the end of this year.

Earlier this month Northern Bear said it was aiming to continue its strategy of buying mature, northeast owner-managed businesses which could demonstrate consistent profitability.

Executive chairman Jon Pither and his team bought property refurbishment firm MGM, specialist asbestos removal business Chirmarn Holdings and construction company Hastie D Burton in the first six months of 2007.

Northern Bear’s share price has climbed steadily since it floated on AIM last December at 88p – and stood at 142.9p when the markets closed last night. Today the share price has leapt by more than 4% to 147.50p.

Northern Bear now employs about 350 people and in the year ending March 31, 2007, had a £4.75 million turnover, although operated at a £65,000 loss.