Business
Proposed Consolidation, Fundraise, Loan Conversion
Proposed Consolidation, Fundraise, Loan Conversion.
About this update from Earnz Plc
[{"type":"text","content":"\n\nTHIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM THE UNITED STATES, AUSTRALIA, CANADA, THE REPUBLIC OF SOUTH AFRICA OR JAPAN OR ANY OTHER JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL. PLEASE SEE THE IMPORTANT NOTICES AT THE END OF THIS ANNOUNCEMENT.\nTHIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND DOES NOT CONSTITUTE OR CONTAIN ANY INVITATION, SOLICITATION, RECOMMENDATION, OFFER OR ADVICE TO ANY PERSON TO PURCHASE AND/OR SUBSCRIBE FOR, OTHERWISE ACQUIRE OR DISPOSE OF ANY SECURITIES IN EARNZ PLC OR ANY OTHER ENTITY IN ANY JURISDICTION. NEITHER THIS ANNOUNCEMENT NOR THE FACT OF ITS DISTRIBUTION, SHALL FORM THE BASIS OF, OR BE RELIED ON IN CONNECTION WITH ANY INVESTMENT DECISION IN RESPECT OF EARNZ PLC.\nTHIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION.\nFor immediate release\n18 March 2024\nEARNZ plc\n(\"EARNZ\" or the \"Company\")\nProposed Consolidation\nProposed Fundraising to raise £3.7 million\nand\nLoan Conversion\nIntroduction\nEARNZ plc (AIM: EARN), an AIM Rule 15 cash shell which is seeking acquisitions in the energy services sector, is pleased to announce:\n\na proposed consolidation of every 100 ordinary shares of 0.04 pence each (\"Existing Shares\") in the capital of EARNZ into one new ordinary share of 4 pence each (\"Consolidated Shares\") in the capital of EARNZ (the \"Consolidation\");\na proposed placing of 39,954,644 New Ordinary Shares (as defined below) (the \"Placing Shares\") at a price of 7.5 pence per Placing Share (equivalent of 0.075 pence prior to the Consolidation) (the \"Issue Price\") to raise approximately £3.0 million (before expenses) (the \"Placing\"); and\na proposed subscription of 9,378,689 New Ordinary Shares (the \"Subscription Shares\") at the Issue Price, to raise approximately £0.7 million (before expenses) (the \"Subscription\") (together, with the Placing, the \"Fundraising\", and together with the Consolidation and the Loan Conversion, the \"Proposals\").\n\nCapitalised terms used in this announcement (the \"Announcement\") have the meanings given to them in the section headed \"Definitions\" at the end of this Announcement, unless the context provides otherwise.\nShore Capital and Corporate Limit...