Business
Subscription of Ordinary Shares to raise £500,000
Subscription of Ordinary Shares to raise £500,000.
About this update from Earnz Plc
[{"type":"text","content":"\n\n1 September 2023\nVerditek plc\n(\"Verditek\" or the \"Company\")\nSubscription of Ordinary Shares to raise £500,000\nVerditek plc (AIM:VDTK), the international green technology company that develops, manufactures and sells lightweight solar panels, is pleased to announce that it has raised £500,000 before expenses by way of a subscription of 111,111,111 ordinary shares (\"Ordinary Shares\") at 0.45 pence per Ordinary Share (the \"Issue Price\") (the \"Subscription Shares\") (the \"Subscription\"). The funds are expected to be received on or before 6 September 2023.\nThe proceeds of the raise will be used for general working capital.\nThe Issue Price represents a discount of 40.0 per cent to the closing mid-market price of 0.75 pence of Verditek's existing Ordinary Shares on 31 August 2023 (being the last business day prior to this Announcement).\nThe Subscription is not being underwritten and is conditional on admission of the Subscription Shares to trading on AIM. The Subscription is being conducted pursuant to the existing authorities granted to the Directors of the Company at its annual general meeting on 25 July 2023. The Subscription Shares represent approximately 20.0 per cent. of the Company's issued share capital as enlarged by the Subscription Shares.\nApplication has been made to the London Stock Exchange for the Subscription Shares to be admitted to trading on AIM (\"Admission\") and it is expected that such Admission will occur at or around 8.00 a.m. on 06 September 2023. The Subscription Shares will be issued credited as fully paid and will rank in full for all dividends and other distributions declared, made or paid after the admission of the Subscription Shares, and will otherwise be identical to and rank on Admission pari passu in all respects with the existing Ordinary Shares. The Subscription Shares are not being made available to the public and are not being offered or sold into any jurisdiction where it would be unlawful to do so.\nFollowing Admission, the Company will have 554,649,417 Ordinary Shares in issue, none of which will be held in treasury. Accordingly, shareholders may use this figure as the denominator for the calculations by which they will determine if they are requi...