Business
Result of Oversubscribed Capital Raise
Result of Oversubscribed Capital Raise.
About this update from Gore Street Energy Storage Fund Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 5235N\n Gore Street Energy Storage Fund PLC\n 30 September 2021\n \n \n \n \n THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN OR SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.\n \n \n THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION\n .\n \n \n UNLESS THE CONTEXT REQUIRES OTHERWISE, WORDS AND EXPRESSIONS DEFINED IN THE PROSPECTUS PUBLISHED BY THE COMPANY ON 30 NOVEMBER 2020 HAVE THE SAME MEANINGS WHEN USED IN THIS ANNOUNCEMENT.\n \n \n \n \n \n \n \n \n 30 September 2021 \n \n \n Gore Street Energy Storage Fund plc\n \n \n (the \"Company\" or \"Gore Street\")\n \n Result of Oversubscribed Capital Raise\n Key highlights:\n \n · \n Gross proceeds of £73.6 million raised\n from the total available issue of\n \n 68,811,220\n \n new Ordinary Shares at 107p per Ordinary Share under the the Placing and PrimaryBid Offer\n \n \n · \n Net proceeds will be deployed towards the Company's significant development pipeline of over 1.0GW/ 2.5GWh of attractive accretive opportunities, including a 2GWh active pipeline across North America and Western Europe, of which 160MWh is currently under exclusivity\n \n Further to the announcement on 20 September 2021, the Company is pleased to announce the result of the placing of new Ordinary Shares (the \"Placing\") and the PrimaryBid offer (the \"PrimaryBid Offer\") (together the \"Fundraise\").\n A total of 68,811,220 new Ordinary Shares, comprised of 67,883,824 under the Placing and 927,396 under the PrimaryBid Offer, will be issued pursuant to the Fundraise at 107p per share, raising combined gross proceeds of £73.6 million, which will be used to fund investments in accordance with the Company's investment policy.\n Due to the significant level of demand that exceeded the available allocation of 68,811,220 new Ordinary Shares, a scaling back exercise has been undertaken with respect to applications received pursuant to the Fundraise.\n Applications have been made to the FCA for the 68,811,220 new Ordinary Shares issued pursuant to the Fundraise to be admitted to the premium segment of the Official List and to the Londo...