Business
Close of Bookbuild and results of Fundraising
Close of Bookbuild and results of Fundraising.
About this update from Block Energy Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 4133H\n Block Energy PLC\n 03 December 2020\n \n \n \n \n 3 December 2020\n \n \n \n \n \n THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF EU REGULATION 596/2014 (\"MAR\"). UPON PUBLICATION OF THIS ANNOUNCEMENT, THIS INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.\n \n \n \n \n \n Block Energy PLC\n \n \n (\n \"\n Block Energy\n \"\n or \n \"\n the Company\n \"\n )\n \n \n \n \n \n Close of Accelerated Bookbuild and results of Fundraising\n \n \n \n \n \n Further to the announcement made yesterday, Block Energy plc (AIM: BLOE), the production company focused on Georgia, \n is pleased to announce it has completed a placing of, and subscription for, 176,000,000 new Ordinary Shares (\"New Shares\"), raising approximately £5.28 million (before expenses) with investors at an Issue Price of 3 pence per share (\"Fundraising\"). \n \n \n \n \n \n The Fundraising comprised the issue of 144,666,667 New Shares pursuant to a placing (\n \"\n Placing\n \"\n ) and the issue of 31,333,333 New Shares pursuant to direct subscriptions with the Company (\n \"\n Subscription\n \"\n ). \n Mirabaud Securities Limited (\"Mirabaud\") acted as sole bookrunner and broker in connection with the Placing.\n \n \n The Issue Price represents a discount of approximately 19.1 per cent to the 5-day volume weighted average price at close of business on 2 December 2020.\n \n \n The Fundraising is conditional upon, inter alia, approval by Shareholders at the General Meeting of the Resolutions. The Resolutions will provide the Company with the authority to allot and issue, the New Shares. It is expected that the New Shares will be admitted to trading on AIM at 8.00 a.m. on or around 31 December 2020.\n \n \n Upon Admission, the Enlarged Share Capital is expected to be 614,542,093 Ordinary Shares. On this basis, the New Shares will represent approximately 28.64 per cent. of the Company's Enlarged Share Capital.\n \n \n Expected Use of Proceeds\n \n \n The Company is undertaking the Fundraising in order to fund the implementation of the first phase of a new, two-phase development strategy, following its acquisition of Schlumberger Rustaveli Company Limited (\n \"\n SRCL\n \"\n ). \n \n \n \n \n \n Pursuant to the first phase of the development strategy (\n \"\n ...