Last checked at 3 Mar 2017 11:21
AFC Energy PLC
("AFC Energy" or the "Company")
Result of General Meeting
AFC Energy, the industrial fuel cell power company, is pleased to announce that at its General Meeting held earlier today all resolutions were duly passed.
Accordingly, the Company now has the requisite authority to complete the issue of 80,684,262 New Ordinary Shares at a price of 10 pence per Ordinary Shares to raise, in aggregate, £8.1 million before expenses.
The net proceeds of the Fundraise will be used to support the Company on its journey to commercialisation, and specifically for:
· delivery of its commitments under the Company's joint development agreement with De Nora S.p.A. ("De Nora");
· business case development with De Nora;
· scoping study completion with Peel Environmental Limited and other third parties in advance of any potential project deployment;
· fund the ongoing operation of the Company's demonstration plant at Stade, together with ongoing testing costs; and
· general administrative expenses and ongoing working capital.
The 80,684,262 New Ordinary Shares are expected to be admitted to trading on AIM at 8.00 a.m. on 9 March 2017 ("Admission"). Following Admission, the Company will have 390,948,205 Ordinary Shares in issue. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, AFC Energy under the FCA's Disclosure Guidance and Transparency Rules.
Capitalised terms in this announcement have the same meaning as given in the Circular.
For further information, please contact:
AFC Energy plc Adam Bond (Chief Executive Officer)
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+44 (0) 20 3697 1209 |
Cantor Fitzgerald Europe - Nominated Adviser and Joint Broker Andrew Craig Richard Salmond
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+44 (0) 20 7894 7000 |
M C Peat & Co LLP - Joint Broker Charlie Peat |
+44 (0) 20 7104 2334 |
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Lionsgate Communications - Public Relations Jonathan Charles
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+44 (0) 20 3697 1209 |
About AFC Energy
AFC Energy plc has developed and successfully operated an alkaline fuel cell system, which converts hydrogen into "clean" electricity. AFC Energy's key project POWER-UP demonstrated the world's largest operational alkaline fuel cell system at Air Products' industrial gas plant in Stade, Germany in January 2016. The Company is now looking to build upon an already established pipeline of commercial opportunities and drive the findings from the development phase of the technology into a technically optimised and commercially relevant fuel cell system. For further information, please visit our website: www.afcenergy.com.