Business
Proposed Fundraising to Raise up to GBP 5 million
Proposed Fundraising to Raise up to GBP 5 million.
About this update from Block Energy Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 3425H\n Block Energy PLC\n 02 December 2020\n \n \n \n 2 December 2020\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 Block Energy PLC\n (\"Block Energy\" or \"the Company\")\n \n \n Proposed Fundraising to Raise up to GBP 5 million\n \n \n Block Energy PLC, the production company focused on Georgia,\n today announces its intention to conduct an accelerated bookbuild (the \"Bookbuild\") to raise proceeds of up to approximately GBP 5 million by way of a placing (the \"Placing\") of, and subscription (the \"Subscription\") for, new ordinary shares of £0.0025 each in the Company (\"Ordinary Shares\"). \n \n \n The Bookbuild will open with immediate effect following release of this announcement. A further announcement confirming the closing of the Bookbuild, the number of new Ordinary Shares issued as part of the Fundraising and the price being paid per new Ordinary Share (the \"Issue Price\") is expected to be made in due course.\n \n \n Mirabaud Securities Limited (\"Mirabaud\") is acting as sole bookrunner in relation to the Placing.\n \n \n Additional Information on the Fundraising and the Bookbuild\n \n \n The Issue Price and the final number of new Ordinary Shares to be issued pursuant to the Fundraising (the \"New Shares\") will be determined following the close of the Bookbuild. The New Shares, when issued, will be fully paid and will rank pari passu in all respects with the existing Ordinary Shares.\n \n \n It is intended that the issue and allotment of the New Shares shall be conditional on the approval of certain resolutions by the shareholders of the Company which will be sought at a general meeting of the Company, details of which can be found below.\n \n \n The timing of the closing of the Bookbuild and allocations of New Shares are at the discretion of Mirabaud and the Company. The Issue Price and details of the results of the Fundraising will be announced as soon as practicable after the close of the Bookbuild. Your attention is drawn to the detailed terms and conditions of the Placing described in Appendix 1 (which forms part of this announcement).\n \n \n By choosing to participate in the Pla...