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IN BRIEF: Velocys to raise GBP25 million for project investment

Thu, 25th Nov 2021 18:03

Velocys PLC - Oxford-based fuels technology company - Intends to raise around GBP25 million through a placing at a price of 8 pence per share, as well as GBP2.0 million through the issue of 25.1 million shares under an open offer.

Placing price reflects 8.6% discount to Wednesday's closing price of 8.75p.

Open offer is on the basis of two open offer shares for every 85 existing shares held.

Proceeds from the fundraise will go towards funding to advance its two reference projects such as Bayou Fuels in Mississippi, US and Altalto in Immingham, UK, as well as capital investment in the manufacturing capability to enable output of at least 12 reactors per year.

Shore Capital Stockbrokers and Panmure Gordon are acting as joint bookrunners.

Current stock price: 9.30 pence, up 6.2% on Thursday

Year-to-date change: down 8.4%

By Dayo Laniyan; dayolaniyan@alliancenews.com

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