Velocys plc (VLS.L), the renewable fuels technology company, is pleased to announce that it has secured £7 million (gross) by way of a Placing.
Henrik Wareborn, CEO of Velocys, said:
“I am delighted with the level of support Velocys has received from existing and new institutional investors. This complements the commitments by Shell and British Airways to co-fund the remaining pre-FEED project work to bring the Altalto Immingham biorefinery project to the same state of pre-FEED completion as our Bayou Fuels project in Mississippi. As a result we can provide strategic partners with two truly sustainable fuel projects, and a solution that can be deployed widely to decarbonise aviation and heavy goods transport.”
The Company has proposed a fundraise of approximately £7 million, before expenses, by way of a conditional, non-pre-emptive placing of 233,333,335 Placing Shares at the Placing Price. The Placing has been arranged by Numis Securities Limited, Canaccord Genuity Group and Peat & Co and is not being underwritten.
The Placing is conditional (amongst other things) upon the passing of certain resolutions. A General Meeting is being convened for the purpose of considering the relevant resolutions at 10.30 a.m. on 31st July 2019 at the offices of Mayer Brown International LLP, 201 Bishopsgate, London, EC2M 3AF.
Detailed terms and conditions applicable to the Placing are provided in the appendix to this announcement.
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Velocys is a sustainable fuels technology company. Originally a spin-out from Oxford University, in 2008 the Company acquired a US company based on complementary technology developed at the Pacific Northwest National Laboratory. Over 15 years Velocys has developed proprietary Fischer-Tropsch technology that enables the production of drop-in transport fuels from a variety of waste materials. Having demonstrated its technology at commercial scale, the Company is currently developing projects in Natchez, Mississippi, USA and Immingham, UK to produce fuels that significantly reduce both greenhouse gas emissions and key exhaust pollutants for aviation and road transport.
For further information, please contact:
Henrik Wareborn, CEO
+44 1235 838 621
Numis Securities (Nomad and joint broker)
+44 20 7260 1000
Canaccord Genuity (Joint broker)
+44 20 7523 8000
Camarco (Financial communications & PR)
+44 20 3757 4983
Certain information contained in this announcement would have constituted inside information (as defined by Article 7 of Regulation (EU) No 596/2014) (“MAR”) prior to its release as part of this announcement. In addition, market soundings (as defined in MAR) were taken in respect of the Placing with the result that certain persons became aware of inside information (as defined in MAR), as permitted by MAR. Therefore, those persons that received inside information in a market sounding are no longer in possession of such inside information relating to the Company and its securities.
18 May 2023
10 May 2023
31 March 2023