AIM-listed EnergyPathways, an integrated energy transition company, has completed a placing and subscription to raise a total of £400,000 for the Company.
The Fundraise comprises i) a placing of £310,000 ('Placing') from a new investor and ii) a subscription of £90,000 ('Subscription') from directors and management, raising an aggregate amount of £400,000 at a price of 4.25 pence per share ('Placing Price') resulting in the issuance of a total of 9,411,762 new ordinary shares. Investors in the Fundraise will receive one warrant per Ordinary Share. The warrants have an exercise price of 7 pence and will expire 2 years after the date of admission of the New Ordinary Shares to trading on AIM.
The Company's joint broker, SP Angel Corporate Finance LLP, will be issued warrants over 364,705 new ordinary shares in the Company. The warrants will be exercisable for a period of 3 years from the date of Admission with an exercise price of 4.25p per new ordinary share ('Broker Warrants').
The Directors' participation in the Fundraise is set out below:
|
Director |
Total number of ordinary shares purchased |
Number of ordinary shares held following the purchase
|
% of enlarged issued share capital of the Company |
Total number of warrants granted |
|
Ben Clube* |
729,411 |
11,402,646 |
5.83% |
729,411 |
|
Graeme Marks |
117,647 |
6,814,871 |
3.49% |
117,647 |
|
Max Williams |
417,647 |
417,647 |
0.21% |
417,647 |
|
Horacio Carvalho** |
588,235 |
768,740 |
0.39% |
588,235 |
* Ben Clube holds his shares indirectly through Painkalac Holdings Pty Ltd ATF Lighthouse Trust and Flax Lily Super Superannuation Fund.
** Horacio Carvalho holds his shares indirectly through Quest JFM Investments Ltd and Climate Change Ventures Limited
The proceeds from the Fundraise will provide additional working capital. The Company is continuing with active discussions with a strategic investor to provide significant additional funding on attractive terms.
The Fundraise is conditional on the New Ordinary Shares, which will be issued credited as fully paid and will rank pari passu in all respects with the existing ordinary shares, being admitted to trading on AIM ("Admission"). Admission of the New Ordinary Shares is expected to occur on or around 4 August 2025.
Total voting rights
Immediately following Admission, the Company will have 195,440,406 Ordinary Shares in issue. Accordingly, the total number of Ordinary Shares in the Company with voting rights will be 195,440,406. This figure may be used by shareholders in the Company as denominator for the calculations by which they may determine if they are required to notify their interest in, or a change to their interest in, the Company under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.
Related Party Transaction
Participation in the Subscription by directors of the Company, constitutes a related party transaction ('Transaction') pursuant to the AIM Rules for Companies. Mark Steeves, who is not participating in the subscription, having consulted with the Company's nominated adviser, Cairn Financial Advisers LLP, considers that the terms of the Transaction are fair and reasonable insofar as the Company's shareholders are concerned.
Commenting on the Placing, CEO Ben Clube said:
'We are pleased to have completed this fundraise to bring in a select new long-term investor into the Company. Besides further strengthening the Company's register, it is further recognition of the significant value potential of the Company. The funds provide the Company with near-term working capital as we progress through pre-FEED. Once again, Directors and management have participated in the fundraise, demonstrating our alignment with our shareholders. EnergyPathways is well placed to progress the various workstreams that are ongoing regarding our MESH Project.'
Source: EnergyPathways
