19 Feb £3.5 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) £3,500,000 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 TheisJack Allardyce|
|IFC Advisory (Financial PR & IR)||020 3934 6630|
|Tim MetcalfeZach Cohen|
|Grant Thornton UK LLP (Financial Adviser)Jamie BarklemSamantha HarrisonHarrison Clarke||020 7383 5100|
|ETX Capital (Broker)||020 7392 1400|