FBG Fibregen

    RNS Number : 1588X
  FibreGen Plc
  20 June 2008
   

The 'Issue of Equity' announcement for FibreGen PLC released today at 07:00
under 1483X has been re-released in the interests of market clarity.
 
The announcement text is unchanged and is reproduced in full below.


 Press Release   June 2008

    FibreGen plc
    ("FibreGen" or "the Company")

    Issue of Equity

    FibreGen plc (AIM: FBG), the international biomass-to-energy company formerly known as Libra Natural Resources plc, announces that it
has raised approximately �1.6  million, before expenses, by way of a Placing of 5,333,334 new ordinary shares (the "Placing Shares") of 3p
each ("Ordinary Shares") at a price of 30 pence per share (the "Placing Price").  The Board has also agreed to subscribe for an additional
�100,000 worth of shares (the "Board Shares") at the closing market price on the day of this announcement.

    The net proceeds of the Placing are to be utilised to fund the Company's working capital requirements and operational enhancements to
optimise production capacity. A small part of the proceeds will also fund some of the US$8 million development costs for the Company's
planned wood pellet facility situated on the same site as its wood chip facility in Louisa County. The remainder of the development funding
is being sought through industrial revenue bonds which are currently being negotiated. Following the Placing, the Company does not expect to
require further equity capital funding to sustain its current operations and will convene a GM to return the level of dis-application of
pre-emption rights to 10% of the issued share capital and will not in the meantime issue new shares on a non-pre-emptive basis.

    Glenn Smith, FibreGen's CEO, commented "We are pleased to receive the further support of our shareholders for our strategy. These funds
support the integration of the Company's most recent acquisition and as well as our management team's focus on the profitable operations of
the Company and maximisation of cash generation. We look forward to reporting to shareholders on the progress of the Company's operations".

    Application will be made to the London Stock Exchange for the Placing Shares and the Board Shares to be admitted to trading on AIM
("Admission"). The Placing Shares and the Board Shares will rank pari passu in all respects with the existing Ordinary Shares in issue. The
Placing is conditional upon, inter alia, Admission becoming effective. It is expected that Admission will become effective and that dealings
in the Placing Shares and the Board Shares on AIM will commence on 26 June 2008. 


    - Ends -

    For further information: 

 FibreGen plc
 Glenn Smith   Tel: +1 206 366 5267
 Rick Squires  Tel: +44 7971 037116

 Landsbanki Securities (UK) Ltd  
 Nominated Advisor
 Gareth Price/Simon Brown, Corporate Finance         Tel: +44 (0) 20 7426 9000
 Liberum Capital - Broker
 Ellen Francis / Simon Atkinson, Corporate Finance  Tel: +44 (0) 20 3100 2000 

    Media enquiries:
 Abchurch                           Tel: +44 (0) 20 7398 7700
 Joanne Shears / Justin Heath       Tel: +44 (0) 20 7398 7709
 joanne.shears@abchurch-group.com    www.abchurch-group.com  


    NOTES TO EDITORS

    FibreGen plc

    FibreGen is a focused biomass-to-energy business, producing wood pellets and wood chips for sale to retail consumers (for home heating
and animal bedding) as well as to commercial and industrial customers for heat and power generation. The Company announced its strategic
intention in December 2007 to increase significantly the size, scale, and range of its investments in its wood pellet business and to become
a leading international biomass to energy business. 

    The Company operates four biomass businesses in North America:
    *     at Princeton, British Columbia, Canada which produces wood pellets;
    *     at Westbank, British Columbia, Canada, which produces wood pellets and wood shavings;
    *     in Louisa County, Virginia, US which produces wood chips and which is planned to have a wood pellet production; and
    *     at Omak (WA), Hauser (ID), and (under construction) Shelton (WA) producing wood pellets and other products.

    The Company also has an MOU for a joint venture vehicle with Chinese and Canadian partners, to develop a plant by the end of 2008 with
initial capacity of 100,000 tons of biomass fuels for sale to the Chinese power station market.  The Company also owns the project site and
development rights for a wood pellet production facility in West Kootenay, British Columbia, Canada.



This information is provided by RNS
The company news service from the London Stock Exchange
 
  END 
 
IOEURANRWARNURR

Fibregen (LSE:FBG)
Historical Stock Chart
Von Mai 2024 bis Jun 2024

Fibregen (LSE:FBG)
Historical Stock Chart
Von Jun 2023 bis Jun 2024