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Placing & Intended Subscription to raise £425,000
Placing & Intended Subscription to raise £425,000.
About this update from Beacon Energy Plc
[{"type":"text","content":"\n \n \n 26 July 2022\n \n \n \n Advance Energy plc\n(\"Advance Energy\" or the \"Company\")\n \n \n \n \n Placing and Intended Subscription to raise £425,000 in total\n \n \n \n \n \n \n The Company announces that it has raised £345,000 (gross), before expenses, by way of a placing (the \"Placing\") and, in addition, has received intentions to participate in the Placing and a subscription on the same terms as the Placing to raise, in aggregate, a further £80,000 from certain directors (the \"Intended Director Participation\"). \n \n \n The Placing has been arranged by Optiva Securities Limited and comprises the issue to new and existing shareholders of 405,882,354 ordinary shares of no par value (\"Ordinary Share\") at an issue price of 0.085 pence per Ordinary Share (\"Issue Price\"), and the issue of one warrant (\"Warrant\") for every one new Ordinary Share issued. Each Warrant gives the holder the right to subscribe for one new Ordinary Share at a price of 0.13 pence per Ordinary Share at any time from the issue of the Warrant up to (and including) 5.00 p.m. on 26 July 2025 (the \"Warrant Exercise Period\").\n \n \n In addition, it is intended that certain directors subscribe for a further 47,058,823 new Ordinary Shares pursuant to the Placing and 47,058,823 new Ordinary Shares pursuant to a subscription directly with the Company at the Issue Price (the \"Director Participation Shares\"), with such shares also being entitled to one Warrant per Ordinary Share. \n \n \n The net proceeds from the Placing and the Intended Director Participation, combined with the Company's existing cash resources, are expected to provide the Company with sufficient working capital to enable it to select, negotiate and pursue an acquisition that would be considered a reverse takeover under the AIM Rules for Companies and specifically fund the required legal, financial, commercial and technical due diligence, including the preparation of the required Competent Persons Report and Admission Document to enable the Company to undertake an acquisition. A\n ny cash consideration which might be payable to conclude an acquisition will require further funds\n . \n There is, however, no guarantee at this stage that any acquisition will be completed.\n \n \n \n Larry Bottomley, Interim CEO of Advance Energy said\n \n :\n \n \n \"Ov...