Business
Conditional Placing
Conditional Placing.
About this update from Invinity Energy Systems Plc
[{"type":"text","content":"\n \nRNS Number : 3765M RedT Energy PLC 20 January 2016 \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, JAPAN, THE REPUBLIC OF SOUTH AFRICA, THE REPUBLIC OF IRELAND OR ANY OTHER JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.\n \nFURTHER, THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND SHALL NOT CONSTITUTE AN OFFER TO SELL OR ISSUE OR THE SOLICITATION OF AN OFFER TO BUY, SUBSCRIBE FOR OR OTHERWISE ACQUIRE ANY NEW ORDINARY SHARES OF REDT ENERGY PLC IN ANY JURISDICTION IN WHICH ANY SUCH OFFER, ISSUE OR SOLICITATION WOULD BE UNLAWFUL.\n \n20 January 2016\nredT energy plc\n \n(\"redT energy\" or the \"Company\")\n \nConditional placing of 51,851,852 new ordinary shares to raise £3.5 million\n \nThe board of redT energy plc (\"redT energy\" or the \"Company\") today announces that it has conditionally raised approximately £3.5 million (before expenses) by a conditional placing by finnCap, acting as agent for the Company, of 51,851,852 Placing Shares at a price of 6.75 pence per Placing Share.\n \nSummary of the Placing\n \n· Placing of 51,851,852 Placing Shares at a price of 6.75 pence per Placing Share to raise approximately £3.5 million before expenses (approximately £3.3 million net of expenses)\n· Support from new and existing institutional shareholders\n· Placing subject to approval of the Company's shareholders at the General Meeting to be held at 11.00 a.m. on 9 February 2016\n· Proceeds to be used for additional working capital \n \nCommenting on the placing, Scott McGregor, Chief Executive of redT energy, said:\n \n\"Today's placing provides us with a robust financial position from which to focus on the rolling out of our initial \"market seeding\" units and transition to full commercial sales. We have endeavoured to keep the dilution of existing shareholders to a minimum at a price taking account of levels over the past months, whilst ensuring a sufficiently strong balance sheet at this exciting stage of the company's development.\n \nAs evidenced by our rece...