Woodbois Ltd - Guernsey-based maker of sustainable timber products - Agrees two injections of fresh funds, which it will use to step-up production in Gabon in a drive to profitability this year. Woodbois signs the term sheet for a USD5 million trade finance facility that it first announced late in December. The amount is higher than the USD3.5 million originally announced. Woodbois says the trade facility will be used to start a second shift at the Mouila sawmill in Gabon and to increase veneer production.
Also adding to Woodbois's cash pot, it receives notice of conversion for 200 million warrants at 1 pence per share, raising GBP2.0 million. It doesn't name the investor. Woodbois will issue 200 million new two-year warrants exercisable at 1.5p per share. At the exercise price of 1p, it still has outstanding 1.06 billion warrants for voting shares and 350.0 million warrants for non-voting shares.
"The board is focused to achieve profitability in 2024, through enhancing production volumes and quality, expanding third party trading, whilst also further streamlining costs and progressing the carbon credit business plan," says Executive Chair & Chief Executive Officer Guido Theuns, who took over the helm of Woodbois in December, as Graeme Thomson moved from chair to senior independent director. Woodbois says it will release 2023 results in May.
Current stock price: 0.77p, up 8.5% in London on Thursday
12-month change: down 50%
By Tom Waite, Alliance News editor
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Woodbois (WBI)