Path Investments plc GBP3.5 million Equity Fundraise (6554P)
19 Febrero 2021 - 01:00AM
UK Regulatory
TIDMPATH
RNS Number : 6554P
Path Investments plc
19 February 2021
19 February 2021
Path Investments plc
("Path" or the "Company")
GBP3.5 million Equity Fundraise
Path Investments plc (TIDM: PATH) , the energy and natural
resources investment company, is pleased to announce that it has
conditionally raised (before expenses) GBP3,500,000 by way of a
subscription and placing of 1,400,000,000 new ordinary shares of
0.1 pence each in the Company ("Ordinary Shares") (the "Placing
Shares") at a price of 0.25 pence per Ordinary Share (the
"Fundraise").
The proceeds of the Fundraise will be used to support the
Company's continuing investment strategy, as outlined in the
Company's prospectus published in March 2017, which is to own and
operate a diversified portfolio of long-life assets and has a
particular focus on cost reduction, the enhancement of returns from
development opportunities and the reduction of the carbon intensity
of assets that it acquires, as well as seeking to considerably
extend the useful life of such assets.
In addition, participants in the Fundraise will be issued with
one warrant for every two Placing Shares subscribed for with an
exercise price of 0.25 pence per Ordinary Share and one warrant for
every two Placing Shares subscribed for with an exercise price of
0.5 pence per Ordinary Share (the "Warrants"). The Warrants will
have a five-year exercise period from the date of grant.
The Fundraise is conditional on the publication of a prospectus
and admission of the Placing Shares to trading on the Standard
Segment of the Official List and the Main Market of the London
Stock Exchange ("Admission"). The prospectus is currently being
prepared and will be published following the grant of the required
Financial Conduct Authority ("FCA") approval. In the interim, the
Company's existing issued shares shall continue to trade and the
expected date of Admission will be announced in due course.
Appointment of Broker
The Company is pleased to announce the appointment of Monecor
(London) Ltd, trading as ETX Capital, as the Company's Broker with
immediate effect. ETX Capital have assisted the Company with the
Fundraise.
Commenting, Christopher Theis CEO of Path, said: "We are
delighted with the support we have received for the Fundraise. We
look forward to concluding the prospectus approval process in the
coming weeks and believe that the proceeds from the Fundraise will
help facilitate our search for acquisition opportunities in line
with our investment strategy. I look forward to providing further
updates in due course."
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) 596/2014 which is part of UK law by
virtue of the European Union (Withdrawal) Act 2018. Upon the
publication of this announcement, this inside information is now
considered to be in the public domain.
For further information please contact:
Path Investments plc C/O IFC
Christopher Theis
Jack Allardyce
IFC Advisory (Financial PR & IR) 020 3934 6630
Tim Metcalfe
Zach Cohen
Grant Thornton UK LLP (Financial Adviser)
Jamie Barklem
Samantha Harrison
Harrison Clarke 020 7383 5100
ETX Capital (Broker) 020 7392 1400
Elliot Hance
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END
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