Business
Fundraising; Investment in Ardgowan; Notice of GM
Fundraising; Investment in Ardgowan; Notice of GM.
About this update from Distil Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 8489F\n Distil PLC\n 20 July 2021\n \n \n \n Distil PLC\n \n Placing of, and Subscription for, 160,000,000 new Ordinary Shares at 2 pence per share with Placing Warrants at 2 pence per share; Investment in Ardgowan; Related Party Transactions; and Notice of General Meeting\n \n Distil plc (AIM:DIS), owner of premium drinks brands RedLeg Spiced Rum, Blackwoods Gin and Vodka, TRØVE Botanical Vodka, Blavod Black Vodka, Jago's Cream Liqueur and Diva Vodka, is pleased to announce it has conditionally raised £3.2 million (before expenses) through a Placing and Subscription (together, the \"Fundraising\").\n The Fundraising will allow Distil to enter into investment arrangements with Ardgowan Distillery Company Limited (\"Ardgowan\") to part fund the development of a new whisky distillery by Ardgowan (the \"Investment\") and, through its subsidiary, Distil Company Limited, enter into a Manufacturing Agreement and a Mutual Services Agreement with Ardgowan to take advantage of the operational and strategic opportunities presented by the Investment.\n \n The Company has conditionally placed\n \n \n 87,500,000 new ordinary shares of 0.1p each (\"Ordinary Shares\") in the capital of the Company (the \"Placing Shares\") at a price of 2p per Placing Share (the \"Issue Price\") to raise £1,750,000, before expenses (the \"Placing\").\n \n The Company also announces a conditional subscription of 72,500,000 Ordinary Shares of the Company (the \"Subscription Shares\") at the Issue Price with existing shareholders to raise £1,450,000, before expenses (the \"Subscription\").\n \n \n Pursuant to the Placing and the Subscription, for every three Placing Shares and every three Subscription Shares, investors will receive two warrants (the \"Placing Warrants\"), exercisable at the Issue Price for a period of twelve months from Admission. In connection with the Placing, the Company's broker, Turner Pope Investments (TPI) Limited (\"Turner Pope\"), will receive 2,625,000 warrants (the \"Broker Warrants\") exercisable at the Issue Price for a period of three years from Admission.\n \n \n The Subscription and Investment and the entering into the Manufacturing Agreement and Mutual Services Agreement involve related party transactions under the AIM Rules. The Independent Directors, having consulted with SPARK Advisory Partn...