Green & Smart Issues Shares At Discount To Raise GBP552,759 (ALLISS)

LONDON (Alliance News) - Green & Smart Holdings PLC on Monday said it has raised GBP552,759 ...

Alliance News 19 June, 2017 | 1:04PM
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LONDON (Alliance News) - Green & Smart Holdings PLC on Monday said it has raised GBP552,759 after conducting a private placement of shares equal to a 2.1% stake in the business for a 6.5% discount.

Green & Smart has issued 6.1 million shares at 9.0 pence per share, lower than the 9.625p closing price on Friday. The placing is not underwritten and is only conditional on admission, as shares are being issued by the board under its existing authority.

The net proceeds of the private placement will be used to bid for new quotas, progress with grid connection of the fully-owned Malpom plant and for working capital purposes.

Importantly, 5.8 million warrants have been issued over an equal amount of shares exercisable at 9.25 pence each over a five year period. That means there is now valid warrants in issue over a total of 7.2 million shares in the company.

"We are pleased to announce this successful fundraising. Our ability to continue to be a market leader is very much dependent on the availability of adequate funding and financing and this fundraising will enable us to bid for new quotas as well as progress with our current pipeline of projects. On behalf of the board I warmly welcome the new shareholders of Green & Smart," said Managing Director Saravanan Rasaratnam.

By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance

Copyright 2017 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article
Security Name Price Change (%) Morningstar Rating
Green & Smart Holdings PLC 8.63 GBX 0.00 -
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