placing27 Nov 2017 08:17
Andalas Energy and Power plc (AIM:ADL) is pleased to announce, following the announcement of our Sumatra-1 project, a placing of 1,277,139,208 new ordinary shares of Nil par value (the �Placing Shares�) to raise �500,000 (before expenses) with new and existing shareholders at an issue price of 0.03915 pence per share. The placing was led by 1798 Volantis Fund Ltd (�Volantis�) who has subscribed for a total of 1,277,139,208 shares equating to 21.33% of the enlarged share capital of the Company. Furthermore Volantis has provided the Company with a flexible convertible loan note facility (�facility�) for up to �2,000,000 (subscription price �1,800,000) to provide access to follow-on capital that will be required to develop at least one of its projects through to final investment decision.
Highlights:
Equity placing to raise a total of �500,000 at a 10% discount to the closing mid-market share price.
Volantis has also agreed to provide the Company with up to �2,000,000 face value (issue price �1,800,000) of follow-on finance via the issue of a convertible loan note facility:
The first �500,000 draw down is subject to mutual agreement and will be no earlier than 1 March 2018, or such other date as agreed in writing.
Three further drawdowns of �500,000 are also subject to mutual agreement and can be drawn down quarterly thereafter, or such other date as agreed in writing.
Issue of warrants over 638,569,604 ordinary shares of the Company with 5 year term and a strike price of 0.54375 pence per share, representing a 25% premium to the closing share price.
Sign In
Follow the stocks
