SulNOx Group PLC Subscription for New Shares & Grant of Options (3635E)
29 Juni 2023 - 8:30AM
UK Regulatory
TIDMSNOX
RNS Number : 3635E
SulNOx Group PLC
29 June 2023
29 June 2023
SulNOx Group Plc (the "Company" or "SulNOx")
Subscription for New Shares & Grant of Options
(Aquis Stock Exchange: SNOX)
The board of directors of the Company (the "Board") is pleased
to announce that further to the notification of 27 June 2023, it
has now finalised the subscription agreement (the "Agreement") with
a new strategic investor, Constantine Logothetis (the "Investor").
Under the Agreement, the Investor will subscribe for 2,804,554 new
ordinary shares of 2 pence each ("Ordinary Shares") at a price of
9.5 pence per share (the "Subscription Shares"), raising
GBP266,432, before expenses (the "Subscription"). It is expected
that the funds raised under the Subscription will be utilised for
general working capital purposes.
Tergeo Limited, a company controlled by Mr Logothetis, has
become a strategic consultant to the Company (the "Consultancy"),
as notified on 27 June 2023. The Board announces that under the
Consultancy, it has granted options to subscribe for 3,765,300 new
Ordinary Shares at a price of 10 pence per share exercisable at any
time until 13 July 2023 after which they will lapse (the
"Options").
Including Ordinary Shares already held by Tergeo Limited, Mr
Logothetis will have an interest in a total of 13,804,554 Ordinary
Shares, equivalent to 13.28% of the Ordinary Shares, as enlarged by
the Subscription. As Mr Logothetis has an existing interest in more
than 10% of the Company's Ordinary Shares, the Subscription and the
Options constitute related party transactions under the AQSE Growth
Market Apex Rules. The Board has concluded, having exercised
reasonable care, skill and diligence, that the related party
transactions are fair and reasonable as far as the shareholders of
the Company are concerned.
The Subscription Shares will be allotted under the Company's
existing unspent share issue authorities and are expected to be
admitted to trading on the AQSE Growth Market on 5 July 2023
("Admission"). On Admission, the Company will have 103,946,093
Ordinary Shares in issue, each with one voting right. The Company
does not hold any shares in treasury and therefore the total number
of voting rights in the Company is 103,946,093. This figure should
be used by shareholders from Admission as the denominator for the
calculations by which they will determine if they are required to
notify their interest in, or a change to their interest in the
Company under the FCA's Disclosure Guidance and Transparency
Rules.
- Ends -
For further information please contact:
SulNOx Group plc Tel: 07624 491 821
Steven Cowin, CFO
Allenby Capital Limited Tel: 020 3328 5656
(AQSE Corporate Adviser)
Nick Harriss / John Depasquale
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