Business
Ceres Power completes £20.0 million fundraising
Ceres Power completes £20.0 million fundraising.
About this update from Ceres Power Holdings Plc
[{"type":"text","content":"\n \nRNS Number : 5112T Ceres Power Holdings plc 04 July 2018 \n\nNOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO OR FROM THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR ANY JURISDICTION IN WHICH THE SAME WOULD BE UNLAWFUL. \nTHE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED TO CONSTITUTE INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) NO. 596/2014. UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN\n \n4 July 2018\n \n \nCeres Power completes £20.0 million fundraising\nCeres Power (AIM: CWR, \"Ceres Power\", \"Ceres\"), developer of the SteelCell®, a world-leading, low cost Solid Oxide Fuel Cell (SOFC) technology, is pleased to announce that further to the Company's announcement yesterday, the accelerated bookbuild has now closed raising £20.0 million (before expenses) by means of a conditional placing and subscription of 132,625,994 Ordinary Shares in aggregate (\"Fundraising Shares\") with an Issue Price of 15.08 pence per share, representing approximately 13.0 per cent. of the Company's current issued Ordinary Share capital (the \"Fundraising\"). The Issue Price represents a discount of 2.7 per cent. to the mid-market closing price on 3 July 2018. The Fundraising was significantly over subscribed with several material new investors participating in the Placing.\n \nThe Fundraising is in addition to the Weichai Subscription announced on 16 May 2018 which will (following adjustment for the issue of the Fundraising Shares) raise approximately £19.3 million (before expenses) by means of a subscription for approximately 127,760,800 Ordinary Shares, representing approximately 12.6 per cent. of the Company's current issued Ordinary Share capital. The Weichai Subscription is also priced at 15.08 pence per share, an 18 per cent premium to the mid-market value at the date of the announcement of that deal. The value of the Weichai Subscription has increased compared to the Company's announcement on 16 May 2018 as the number of Initial Weichai Shares at the Issue Price has been increased to reflect the conditional issue of the Fundraising Shares. \n \nZeus Capital Limited and Joh. Berenberg, Gossler ...