Business
Placing, Open Offer & Strategic Investment
Placing, Open Offer & Strategic Investment.
About this update from Invinity Energy Systems Plc
[{"type":"text","content":"\n \n \n \n The information contained within this Announcement is deemed by Invinity Energy Systems plc to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of UK law by virtue of the European Union (Withdrawal) Act 2018 (\"MAR\").\n \n \n \n \n \n \n 22 February 2023\n \n \n \n Invinity Energy Systems plc\n \n \n \n \n \n \n \n \n (\"Invinity\" or the \"Company\")\n \n \n \n \n \n Placing for a minimum of £16 million, strategic investment for £2.5 million and Open Offer for up to £\n 4\n million\n \n \n \n \n \n Invinity Energy Systems plc (AIM: IES)\n (AQSE: IES) (OTCQX: IESVF)\n , a leading global manufacturer of utility-grade energy storage, announces its intention to raise a minimum of £16 million, by way of a conditional placing (the \"Placing\") of new ordinary shares of €0.01 each (\"Ordinary Shares\") (the \"Placing Shares\") and Subscription (the \"Subscription\") for 42,187,500 new Ordinary Shares (the \"Subscription Shares\") raising £2.5 million, both at an issue price of 32 pence per new Ordinary Share (the \"Issue Price\").\n \n \n In addition, the Company is also offering all qualifying shareholders the opportunity to participate in an open offer (the \"Open Offer\", together with the Placing, the \"Fundraising\") at the Issue Price. The Open Offer will raise up to c. £4 million, pursuant to which up to 12,500,000 new Ordinary Shares (the \"Open Offer Shares\") will be offered to existing shareholders at the Issue Price on the basis of:\n \n \n 2\n Open Offer Shares for every\n 19\n Ordinary Shares held\n \n \n The Open Offer is in addition to and separate from the funds raised pursuant to the Placing and the Subscription. The Fundraising and Subscription are not being underwritten.\n \n \n The Company is pleased to have agreed a strategic investment of £2.5 million by Everbrite Technology Co., Ltd. (\"Everbrite\", the \"Subscriber\") into Invinity, by way of the Subscription.\n Everbrite is a leading Taiwanese manufacturer of industrial technology. Their investment follows the 1 December 2022 announcement of a sale of Invinity battery products to Everdura Technology Co., ajoint venture between Everbrite and Taiwanese clean energy company, Pronergy Technology Co., Ltd. Everbrite's investment in Invinity is intended to supp...