Last checked at 14 May 2019 07:00
14 May 2019
Iofina plc
("Iofina" or the "Company")
(LSE AIM: IOF)
Statement regarding share price rise
Iofina, specialists in the exploration and production of iodine and halogen-based specialty chemical derivatives, notes the recent sustained rise in its share price.
While the Company knows of no reason for this rise other than its recently reported positive results and the reported strengthening in the iodine market, it can confirm that it is currently in the advanced stages of an equity fundraising for at least £5m that will allow it to pay down some of its debt and progress its plans to construct IO#8. Due to the recent rise in the share price, it is likely that the fundraising will be completed at a discount to the market price per ordinary share in Iofina. The directors of the Company will consider the impact of any fundraising on shareholders when deciding whether or not to proceed.
The Company intends that a proportion of the funds will be raised via an Open Offer to allow existing shareholders to participate.
There can be no certainty however that this fundraising will proceed or on what terms.
Enquiries:
Dr. Tom Becker, CEO & President
Iofina plc
Tel: +44 (0)20 3006 3135
Christopher Raggett/Giles Rolls/Matthew Radley (corporate finance)
Camille Gochez (ECM)
finnCap Ltd
Tel: +44 (0)20 7220 0500
Media Contact:
Charles Goodwin/Harriet Jackson
Yellow Jersey PR Limited
Tel: +44 (0)7544 275 882
About Iofina:
Iofina specialises in the exploration and production of iodine, halogen based specialty chemical derivatives and produced water. Iofina's business strategy is to identify, develop, build, own and operate iodine extraction plants currently focused in North America, based on Iofina's WET® IOsorb® technology. Iofina has production operations in the United States, specifically in Kentucky and Oklahoma. It is a vertically integrated company, covering the process from the production of iodine in the field, to the manufacture of the chemical end-products derived from iodine, supplying them to the consumer, and the recycling of iodine using iodinated side-streams from waste chemical processes. Iofina utilises its portfolio of patented and patent-pending technology, and proprietary methods and trademarks throughout all business lines.
www.iofina.com
THE INFORMATION COMMUNICATED IN THIS ANNOUNCEMENT IS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF REGULATION 596/2014.