THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA, THE REPUBLIC OF IRELAND, NEW ZEALAND OR ANY OTHER JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.
THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND DOES NOT CONSTITUTE OR CONTAIN ANY INVITATION, SOLICITATION, RECOMMENDATION, OFFER OR ADVICE TO ANY PERSON TO SUBSCRIBE FOR, OTHERWISE ACQUIRE OR DISPOSE OF ANY SECURITIES IN VERDITEK PLC OR ANY OTHER ENTITY IN ANY JURISDICTION. NEITHER THIS ANNOUNCEMENT NOR THE FACT OF ITS DISTRIBUTION, SHALL FORM THE BASIS OF, OR BE RELIED ON IN CONNECTION WITH ANY INVESTMENT DECISION IN RESPECT OF VERDITEK PLC. MEMBERS OF THE PUBLIC SHALL NOT BE ELIGIBLE TO TAKE PART IN THE PROPOSED PLACING, WHICH IS TO BE LIMITED TO PERSONS WHO CONFIRM THEIR PARTICIPATION BY ENTERING INTO A PLACING CONFIRMATION LETTER WITH THE COMPANY IN A PRESCRIBED FORM.
The information contained within this announcement is deemed by the Company to constitute inside information stipulated under the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement via the Regulatory Information Service, this inside information is now considered to be in the public domain.
21 December 2017
Verditek PLC
("Verditek" or the "Company")
Verditek announces its intention to raise up to £1.3 million by way of a private placing of 14,444,444 ordinary shares in the capital of the Company at 9p per new ordinary shares and the conditional issue of various share warrants
Verditek intends to raise working capital to support the continued growth of the Company's manufacturing capacity and fund a Joint Development Programme with Paragraf Ltd announced earlier this morning.
In this regard the Company announces that it intends to carry out an equity raise of up to £1.3 million, by way of a placing directly with the Company (the "Placing") of up to 14,444,444 new ordinary shares (the "Placing Shares") at a price of 9 pence per ordinary share (the "Placing Price") with existing and new investors (the "Placees").
In addition, and subject to Shareholder consent to issue shares pursuant thereto on a non-pre-emptive basis, the Company intends to issue warrants to the Placees on a one warrant for one share basis, to subscribe for one additional ordinary share at a subscription price of 18p per new ordinary share at any time over the next three years.
A further announcement is expected to be made later today following the closing of the Placing, confirming the final details of the fundraising.
Market Soundings, as defined in the Market Abuse Regulations (MAR), were taken in respect of the proposed Placing with the result that certain persons became aware of inside information, as permitted by MAR. That inside information is set out in this announcement and has been disclosed as soon as possible in accordance with paragraph 7 of article 17 of MAR. Therefore, those persons that received inside information in a Market Sounding are no longer in possession of inside information relating to the Company and its securities.
The Joint Development Programme which has been agreed with Paragraf, a spin-out from the high-profile Centre for Gallium Nitride group of Professor Sir Colin Humphrey's in the Department of Materials Science at the University of Cambridge, was also announced earlier this morning.
Verditek's Non-Executive Chairman Dr Geoff Nesbitt, said: "Today's proposed placing is an important stage in the growth of Verditek, as we pursue our aspirations to scale manufacturing and generate cashflow.
"In addition, the proposed placing will provide us with the financial headroom to accelerate our partnership with Paragraf, as we work alongside them to develop a potential game changing solution for the solar industry. We look forward to updating Shareholders in due course as we progress with our partnership."
Enquiries:
Verditek plc Geoffrey Nesbitt (Non-Executive Chairman) Theodore Chapman (Chief Executive Officer) |
+44 (0) 20 7129 1110 [email protected]
|
Stockdale Securities Limited (NOMAD and Broker) |
|
Antonio Bossi Hanan Lee |
+44 (0) 20 7601 6100 |
Yellow Jersey PR (PR & IR) Georgia Colkin Harriet Jackson Henry Wilkinson |
+44 (0) 7825 916 715 +44 (0) 7544 275 882 +44 (0) 7951 402 336 |
About Verditek plc
AIM listed Verditek plc is a holding company with three businesses operating within the clean technology sector. The Company has a unique liquid gas absorption technology expected to revolutionize the global CO2 capture industry; two solar manufacturing production lines in San Marino each of 25MWp (total 50MWp) producing what is believed to be an innovative and un-paralleled solar PV building material; and a pioneering filtration deodorization technology, which is commercially proven and tackles a wide range of odours within air and water at a high efficiency.
For more information please visit or contact the following: https://www.verditek.plc.uk/
