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Velocys raising £6m to fund ongoing development

Mon, 23rd Jul 2018 14:56

(Sharecast News) - Renewable fuels company Velocys announced on Monday that it intends to raise £6m gross by way of a placing.The AIM-traded firm said the placing of 60,000,000 new ordinary shares would be at a placing price of 10p each, representing a discount to the closing mid-market price as at 20 July of 0.52p per share.It said the placing shares would represent around 15.4% of its enlarged share capital.The net proceeds of the placing would be used predominantly to strengthen the company's balance sheet, fund its portion of the pre-FEED development costs for its UK waste-to-renewable jet fuel project, allow it to continue to support the ENVIA project to the point where it said it understood the financial plan to restore the second reactor to operation, amd to support the process for onboarding one or more strategic investors to provide development funding for the Mississippi biorefinery project.Velocys said the placing of the first tranche, being 30,000,000 shares, was not conditional upon the passing of any resolutions by shareholders, and would be issued for cash on a non-pre-emptive basis pursuant to the authorities granted to the company by its shareholders at the 2018 annual general meeting in June.The placing of the second tranche, being another 30,000,000 shares, wass conditional on the passing of "certain resolutions" and upon first admission occurring on or before 30 July, the board explained.It said a general meeting was being convened for the purpose of considering those resolutions on 8 August in London."Today's financing enhances our runway and will be used to drive forward our US and UK projects to meet their next major milestones over the coming months and to support ENVIA," said Velocys chief executive David Pummell."We thank all our shareholders for their continued backing of our strategy and its implementation."Pummell said he particularly looked forward to keeping shareholders informed of the firm's progress as it prepare to onboard one or more strategic investors into its Mississippi project during coming months."We continue to make significant progress with our projects and l look forward to periodically hosting webcasts to discuss our strategy and progress as we drive our Company forward into an incredibly exciting future."

More News

26 Sep 2018 10:39

Velocys Interim Loss Deepens Amid One-Off Costs As Plan Progresses

LONDON (Alliance News) - Renewable fuels firm Velocys PLC said Wednesday its interim loss deepened amid one-off impairments as the firm continued to make "excellent" progress in on its a

10 Sep 2018 16:21

Velocys tumbles as Oklahoma plant operations suspended

(Sharecast News) - Renewable fuels company Velocys saw its share price dive on Monday after confirming that operations have been suspended at its plant in Oklahoma City, USA.

10 Sep 2018 11:48

Monday broker round-up

(Sharecast News) - Glencore: JP Morgan downgrades to neutral with a target price of 370p.

10 Sep 2018 10:45

Velocys Shares Sink As ENVIA Suspends Operations At Oklahoma City

LONDON (Alliance News) - Shares in Velocys PLC dropped on Monday as the company said ENVIA suspended operations at the Oklahoma City gas-to-liquids plant to undertake a review of strategic in the

6 Sep 2018 12:44

Velocys Says Discussions For Oklahoma City Plant Are Ongoing

LONDON (Alliance News) - Velocys PLC said Thursday that discussions with ENVIA Energy LLC are ongoing regarding funding options for the Oklahoma City plant.Shares in the company were down a

7 Aug 2018 12:08

Velocys gets environmental tick for planned Natchez refinery

(Sharecast News) - Renewable fuels company Velocys announced on Tuesday that the US Department of Agriculture (USDA) has issued a 'Finding of No Significant Impact' (FONSI) on the environmental assessment report for its planned Bayou Fuels biorefinery in Natchez, Mississippi.

23 Jul 2018 10:46

Velocys To Raise GBP6 Million Via Discounted Share Placing (ALLISS)

LONDON (Alliance News) - Renewable fuels company Velocys PLC said Monday that it intends to raise GBP6 million by way of a discounted share placing.The company has placed 60 million new at

5 Jul 2018 11:41

CORRECT (July 4): Velocys Solves Design Flaw Leading To Leakage

(Correcting that the coolant system was modified and not the the second reactor)LONDON (Alliance News) - Renewable fuel company Velocys PLC said Wednesday that the coolant system serving at

4 Jul 2018 10:27

Velocys Solves Design Flaw Leading To Leakage In Oklahoma Reactors

LONDON (Alliance News) - Renewable fuel company Velocys PLC said Wednesday that the second reactor at its plant in Oklahoma, the US, has been modified to avoid leakage.Velocys shares jumped

18 Jun 2018 09:58

Velocys Secures GBP5 Million Funding For Waste-To-Jet Fuel Project

LONDON (Alliance News) - Renewable fuels company Velocys PLC said Monday it secured GBP4.9 million in funding to deliver the next development phase of its waste-to-sustainable jet fuel project in

23 May 2018 12:53

Velocys Annual Loss Nearly Quadrupled By GBP28.8 Million Impairment

LONDON (Alliance News) - Velocys PLC said on Wednesday that it recorded a widened loss in 2017 due to an extensive increase in costs.In 2017 the renewable energy company's loss to from

15 May 2018 11:45

Velocys Shares Drop As Leak Reduces Oklahoma Plant Operations

LONDON (Alliance News) - Shares dropped in Velocys PLC on Tuesday as it was informed by ENVIA Oklahoma City plant operator Envia Energy LLC of a leak within one of the plant's two in the fuels

4 May 2018 10:29

Velocys Gets USD6 Million To Start Work On Lakeview Project

LONDON (Alliance News) - Renewable fuels company Velocys PLC said Friday it has received the first USD6 million to start manufacturing Fisher-Tropsch reactors at Red Rock Biofuels LLC Rock's a

6 Feb 2017 09:54

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VLS.L Share News (VLS)

Velocys raising £6m to fund ongoing development

Velocys Interim Loss Deepens Amid One-Off Costs As Plan Progresses

Velocys tumbles as Oklahoma plant operations suspended

Monday broker round-up

Velocys Shares Sink As ENVIA Suspends Operations At Oklahoma City

Velocys Says Discussions For Oklahoma City Plant Are Ongoing

Velocys gets environmental tick for planned Natchez refinery

Velocys To Raise GBP6 Million Via Discounted Share Placing (ALLISS)

CORRECT (July 4): Velocys Solves Design Flaw Leading To Leakage

Velocys Solves Design Flaw Leading To Leakage In Oklahoma Reactors

Velocys Secures GBP5 Million Funding For Waste-To-Jet Fuel Project

Velocys Annual Loss Nearly Quadrupled By GBP28.8 Million Impairment

Velocys Shares Drop As Leak Reduces Oklahoma Plant Operations

Velocys Gets USD6 Million To Start Work On Lakeview Project

Velocys Successfully Produces First Product From Envia Plant

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