EREVITA Team, 20.7.2020 19:15:45
25 June 2020 Results of Placing and Retail Offer Velocys plc (VLS.L), the sustainable fuels technology company, is pleased to announce that, following the announcement of its proposed fundraise yesterday, it has raised gross proceeds of £20 million by way of the Placing and Retail Offer. A total of 400,000,000 new ordinary shares in the capital of the Company will be issued to retail and institutional investors at a price of 5 pence per share (the "Offer Price"). A total of 376,186,000 new ordinary shares (the "Placing Shares") have been conditionally placed with investors at the Offer Price (the "Placing") by Numis Securities Ltd ("Numis"), Canaccord Genuity Limited ("Canaccord") and Turner Pope Investments (TPI) Ltd. ("TPI"). Radnor Capital Partners Ltd. ("Radnor") and Peat & Co ("Peat & Co) acted as Selling Agents in relation to the Placing. The Directors of the Company have subscribed for 1,200,000 Placing Shares. In addition, retail and other investors have subscribed in the offer made by the Company via the PrimaryBid platform for a total of 22,614,000 new ordinary shares in the capital of the Company (the "Retail Shares") at the Offer Price (the "Retail Offer"). The Placing Shares and Retail Shares, when issued, will be fully paid and will rank pari passu in all respects with the existing ordinary shares of the Company. Henrik Wareborn, CEO of Velocys, said: "We are delighted with the support shown by both new and existing investors in this fundraising - we are particularly pleased to see a number of high-quality institutional investors join our shareholder register. The offering was upsized from £10 million to £20 million to help meet the additional demand but we are pleased to say that even at this higher level the issue was still significantly oversubscribed. "We look forward to seeing our retail investors participate in the forthcoming Open Offer to the extent that they have not been able to already subscribe via the Retail Offer. "This capital raise accelerates our ability to provide commercial scale turn-key solutions to fuel producers in the energy transition away from fossil fuels into sustainable fuels towards improved air quality and net zero carbon emissions."