Verditek PLC Subscription of Ordinary Shares to raise GBP500,000 (0315L)
01 September 2023 - 8:00AM
UK Regulatory
TIDMVDTK
RNS Number : 0315L
Verditek PLC
01 September 2023
1 September 2023
Verditek plc
("Verditek" or the "Company")
Subscription of Ordinary Shares to raise GBP500,000
Verditek plc (AIM:VDTK), the international green technology
company that develops, manufactures and sells lightweight solar
panels, is pleased to announce that it has raised GBP500,000 before
expenses by way of a subscription of 111,111,111 ordinary shares
("Ordinary Shares") at 0.45 pence per Ordinary Share (the "Issue
Price") (the "Subscription Shares") (the "Subscription"). The funds
are expected to be received on or before 6 September 2023.
The proceeds of the raise will be used for general working
capital.
The Issue Price represents a discount of 40.0 per cent to the
closing mid-market price of 0.75 pence of Verditek's existing
Ordinary Shares on 31 August 2023 (being the last business day
prior to this Announcement).
The Subscription is not being underwritten and is conditional on
admission of the Subscription Shares to trading on AIM. The
Subscription is being conducted pursuant to the existing
authorities granted to the Directors of the Company at its annual
general meeting on 25 July 2023. The Subscription Shares represent
approximately 20.0 per cent. of the Company's issued share capital
as enlarged by the Subscription Shares.
Application has been made to the London Stock Exchange for the
Subscription Shares to be admitted to trading on AIM ("Admission")
and it is expected that such Admission will occur at or around 8.00
a.m. on 06 September 2023. The Subscription Shares will be issued
credited as fully paid and will rank in full for all dividends and
other distributions declared, made or paid after the admission of
the Subscription Shares, and will otherwise be identical to and
rank on Admission pari passu in all respects with the existing
Ordinary Shares. The Subscription Shares are not being made
available to the public and are not being offered or sold into any
jurisdiction where it would be unlawful to do so.
Following Admission, the Company will have 554,649,417 Ordinary
Shares in issue, none of which will be held in treasury.
Accordingly, shareholders may use this figure 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.
Rob Richards, CEO of Verditek, commented "In these market
conditions where it is tough to raise money, it is a clear sign of
confidence in the Company's future that a strategic investor chose
to invest GBP500,000 and share our vision on where we think this
Company will be in the future. The Directors believe that this
raise will provide funding for the medium term."
For further information, please contact:
Verditek plc
Rob Richards (Chief Executive Officer) +44 (0) 20 7129 1110
John McCall (Interim Chief Financial Officer)
WH Ireland Limited (NOMAD and Broker)
Chris Hardie
+44(0) 20 7220 1666
Hugh Morgan
This announcement contains inside information for the purposes
of Article 7 of the UK version of Regulation (EU) No 596/2014 which
is part of UK law by virtue of the European Union (Withdrawal) Act
2018, as amended ("MAR"). Upon the publication of this announcement
via a Regulatory Information Service, this inside information is
now considered to be in the public domain.
About Verditek plc
AIM listed Verditek plc is a holding company of a business
operating within the green technology sector. The Company is
focused on commercialising our lightweight low-profile solar panel
business. With manufacturing based in Italy, we have developed
renewable power solutions for our customers, that drive solar
energy into applications previously unachievable. The exceptional
properties of our solar panels replace diesel fuel in business such
as perishable goods transport, off-grid telecommunication towers,
electric vehicle charging stations, residential and holiday home
power solutions and solar roofing for light-weight industrial
roofing. In addition to our current PV panels in production, we
have partnered with an outstanding leader in graphene technology,
Paragraf.
For more information please visit or contact the following: https://verditek.com/
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