IN BRIEF: New Active Energy Chair Plus At Least GBP6 Million Fundraise
Mon, 1st Feb 2021 20:21
Active Energy Group PLC - London-headquartered biomass-based renewable energy business - Intends to conduct an at least GBP6 million fundraise, allotting a minimum of 600.0 million shares at 1.0 pence each. Placing shares are offered through an accelerated bookbuild with Allenby Capital Ltd as broker. Directors have agreed to buy a total of GBP20,000 worth of shares under the placing. A conditional offer for subscription via PrimaryBid at the same 1.0p per share has been made.
Proceeds will help finalise the installations and commissioning of the up to 5 tonnes per hour CoalSwitch reference plant as well as accelerating development of the up to 50tph CoalSwitch production plant. The money will also go towards general working capital and enhancing existing infrastructure and operations at Lumberton, as well as payment of the convertible loan notes as well as other note restructuring cost