28 Sep 2012 07:00
For Immediate Release | 28 September 2012 |
Clean Air Power Ltd
("Clean Air Power" or "the Company")
Successful Placing to raise £3.35 million
Introduction
Clean Air Power Limited (AIM:CAP), the developer and provider of Dual-Fuel(TM) combustion technology for heavy duty diesel engines, is pleased to announce that it has successfully placed through Seymour Pierce Limited, acting as the Company's Nominated Adviser and Broker to the placing, 41,963,850 new common shares of US$0.001 each ("Common Shares") at a placing price of 8 pence each with institutional and other investors to raise approximately £3.35 million before expenses (the "Placing").
Background to and reasons for the Placing
The net proceeds of the Placing will be used to supplement working capital and to support existing and potential new projects, including the recently announced development programme to launch the Genesis EDGE system in the North American market with initial production targeted for early 2014.
Details of the Placing
The Company has raised approximately £3.35 million before expenses, by way of a placing of 41,963,850 new Common Shares.
The placing shares will represent approximately 23.7 per cent. of the share capital of the Company as enlarged by the Placing.
Applications have been made to the London Stock Exchange for the admission of 41,963,850 Common Shares which are expected to be admitted to trading on AIM in two tranches; 32,563,850 new Common Shares on 2 October 2012 and a further 9,400,000 new Common Shares on 3 October 2012. Following these admissions the Company will have a total of 177,053,469 Common Shares in issue.
Directors Participation
All of the Directors have agreed to participate in the Placing on the basis set out below:
Name | Existing Holding | No of Placing Shares | Shareholding following Placing | Percentage of Enlarged Issued Share Capital |
John Pettitt | 1,876,567 | 500,000 | 2,376,567 | 1.34% |
Peter Rowse | 255,158 | 43,750 | 298,908 | 0.17% |
Rodney Westhead | 286,109 | 62,500 | 348,609 | 0.20% |
Ulrich Wohr | 304,859 | 62,500 | 367,359 | 0.21% |
Karl-Viktor Schaller | 49,631 | 18,750 | 68,381 | 0.04% |
Bernard Lord | 446,897 | 125,000 | 571,897 | 0.32% |
Commenting on the successful Placing, John Pettitt, CEO of Clean Air Power, said:
"We are delighted to have had such strong support both from new and existing shareholders enabling us to achieve such a successful fund raising. The response to this placing underlines the continued support and belief that the Company and its shareholders have in the long term objectives and potential of the business."
For further information please contact:
Clean Air Power John Pettitt, Chief Executive Peter Rowse, Group Finance Director
| Tel: +44 (0)1772 624 499 |
Buchanan Charles Ryland / Clare Akhurst
Seymour Pierce Limited Mark Percy / David Foreman (Corporate Finance) David Banks / Paul Jewell (Corporate Broking) | Tel: +44 (0)20 7466 5000
Tel: +44 (0)20 7107 8000
|
Notes to Editors
About Clean Air Power
Clean Air Power is the developer and provider of Dual-Fuel™ combustion technology for heavy duty diesel engines. Dual-Fuel™ engines substantially cut fuel costs and carbon emissions without sacrificing the original engine's characteristic efficiency or reliability. Clean Air Power is well positioned to assist corporations and governments to deliver on their environmental commitments while at the same time reducing transport operators' overheads.