Business
Completion of Fundraise
Completion of Fundraise.
About this update from Eco Buildings Group Plc
[{"type":"text","content":"\n\nCertain information contained within this Announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 (\"MAR\") as applied in the United Kingdom. Upon publication of this Announcement, this information is now considered to be in the public domain.\n15 May 2025\nEco Buildings Group plc\n(the \"Company\" or the \"Group\")\nFundraise of £670,000 to support capital expansion\n \nEco Buildings Group plc (ECOB), a modular housing company, announces that it has raised gross proceeds of £670,000 through a firm placing of 16,750,000 new ordinary shares at a price of 4 pence per share (the \"Placing Price\").\n \n£250,000 was placed directly with one new subscriber, with the balance placed with existing shareholders.\n \nThis compares favourably to the 30-day volume weighted average price (VWAP) of 5.12 pence, representing a discount of approximately 22%.\n \nProceeds from the Placing will be used primarily to fund the purchase of additional capital equipment and working capital, specifically a further manufacturing line at its existing site. This investment is aimed at scaling production to help service the increasing order book emerging from Albania and Kosovo.\n \nThe Company has also agreed to issue Warrants to placees as part of the Placing on a basis of 1 Warrant for every 2 placing Shares. The Warrants may be exercised at a price of 13p. The Warrants are exercisable at any time up to the third anniversary of the date of this announcement at which time they will lapse.\n \nSanjay Bowry, Chief Executive Officer, commented:\nThis fund raise enables us to deploy additional manufacturing lines to satisfy the demand that Eco is seeing as a result of its abilities to produce inexpensive housing of high quality and at speed.\n \nWe anticipate announcing updates to this deployment throughout the year and the subsequent sales of housing as a result\n \nAdmission and Total Voting Rights\n \nThe Placing Shares will rank pari passu with the existing ordinary shares in all respects. Admission of the new ordinary shares for the Placing to the AIM Market will occur on or around 20 May 2025.\n \nFollowing the admission of the new ordinary shares in relation to the Placing, the total issued share capital of the Company w...