Active Energy Group PLC £1.75m to Accelerate Roll-Out of CoalSwitchT (1840V)
01 November 2017 - 6:00PM
UK Regulatory
TIDMAEG
RNS Number : 1840V
Active Energy Group PLC
01 November 2017
Active Energy Group Plc / EPIC: AEG / Sector: Alternative
Energy
1 November 2017
Active Energy Group Plc ('Active Energy' or 'the Group')
Raises GBP1.75m to Accelerate the Commercial Roll-Out of
Revolutionary CoalSwitch(TM) Biomass Fuel
Active Energy, the London quoted international biomass based
renewable energy and forestry management and business, is pleased
to announce that it has completed an oversubscribed placing
totalling GBP1.75 million (before expenses) through the issue of
83,333,334 new ordinary shares of 1p each ("Ordinary Shares") at a
price of 2.1p per share (the "Placing Shares") from new and
existing investors (the "Placing"). The net funds raised will be
used to accelerate the international commercial roll out of its
revolutionary CoalSwitch(TM) biomass fuel and for working
capital.
Active Energy, through Advanced Biomass Solutions Plc ('ABS'),
continues to make significant progress in the commercialisation of
CoalSwitch(TM). The Group recently received a huge commercial
endorsement for CoalSwitch(TM) when ABS entered into an agreement
with Lumino Capital LLC for the financing, development and
operation of eight 20 to 30 tonnes per hour CoalSwitch(TM) plants
across South East Asia. More detailed information relating to this
agreement was announced in the Group's announcement of 21 September
2017.
With regards to Timberlands International Ltd, the Group awaits
feedback from the Ministry of Fisheries and Land Resources of the
Crown Province of Newfoundland and Labrador following the
submission of the final documents relating to a Crown Timber
Licence ('CTL') and Forestry Management Agreements (the 'FMAs') on
the Forestry Management Districts 17 and 18, as announced on 12
October 2017.
Active Energy Non-Executive Chairman, Michael Rowan, said,
"CoalSwitch(TM) is a game-changing biomass product that we believe
has the potential to transform the energy sector. The support from
new and existing shareholders for our roll out strategy, which we
want to accelerate due to the high levels of interest we are
receiving, is a great endorsement.
"We believe this is a transformational period for the Group. We
have a robust outlook and exciting market opportunities are
emerging for both ABS and Timberlands. I'd like to thank existing
shareholders for their continued support and welcome the new
shareholders that have participated in the Placing. I look forward
to providing them with regular updates as we progress both the
roll-out of CoalSwitch(TM) and the advancement of the forestry
management business in the coming months."
Details of the Placing and Total Voting Rights
The Placing Shares will rank pari passu with the existing
Ordinary Shares and application has been made to the London Stock
Exchange for admission of the Placing Shares to trading on AIM
("Admission"). The Placing is conditional, inter alia, on
Admission, and dealings are expected to commence at 8.00am on 6
November 2017. Optiva Securities Ltd acted as Placing Agent for the
Placing.
Following the Admission of the Placing Shares, the Company's
enlarged issued share capital will comprise 941,337,944 Ordinary
Shares with voting rights. The Company holds 33,212,841 Ordinary
Shares in Treasury and the figure of 908,125,103 Ordinary Shares
may therefore be used by shareholders in the Company as the
denominator for the calculations by which they will determine if
they are required to notify their interest in, or a change in their
interest in, the share capital of the Company under the FCA's
Disclosure and Transparency Rules.
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) 596/2014 ("MAR").
**ENDS**
Enquiries & Further Information:
Website LinkedIn
---------------------- --------------------------------------
www.active-energy.com www.linkedin.com/company/activeenergy
www.abs-plc.com
---------------------- --------------------------------------
Enquiries
-----------------------------------------------------------------------------
Active Energy Michael Rowan michael.rowan@aegplc.com
Group Plc Non-Executive Chairman
------------------- ------------------------- -----------------------------
Richard Spinks richard.spinks@aegplc.com
Chief Executive Officer
------------------- ------------------------- -----------------------------
Brian Evans-Jones brian.evans-jones@aegplc.com
Chief Financial Officer
------------------- ------------------------- -----------------------------
Northland Capital Patrick Claridge/David Office: +44 (0)20
Partners Limited Hignell/Gerry Beaney 3861 6625
Nominated Adviser (Corporate Finance)
& Broker John Howes/Rob Rees
(Sales & Broking)
------------------- ------------------------- -----------------------------
St Brides Partners Isabel de Salis/Megan info@stbridespartners.co.uk
Financial PR Dennison Office: +44 (0)
Adviser 20 7236 1177
------------------- ------------------------- -----------------------------
About Active Energy Group:
Active Energy Group Plc (AIM: AEG.L) is a London Stock
Exchange-listed international renewable energy business based upon
forestry assets. Its model is focussed on capturing the entire
forestry value chain through sourcing, utilising and
commercialising assets, and setting a new standard in the
sustainable management and optimisation of timber resources. The
Company is led by a highly technical and commercial team with the
experience to execute its defined growth strategy and build its
visibility, primarily as a London-listed timber opportunity with a
revolutionary biomass fuel technology. It has two affiliate
companies formed being:
-- Advanced Biomass Solutions Plc (www.abs-plc.com), which is
commercialising a revolutionary biomass coal replacement fuel,
CoalSwitch(TM); and
-- Timberlands International Ltd, a sustainable international forestry management business.
About CoalSwitch(TM):
CoalSwitch(TM) is the world's first direct drop-in replacement
biomass fuel with the ability to transform the coal energy dynamic.
Its unique qualities allow the fuel to be directly mixed in any
ratio or completely replace coal in existing unmodified coal-fired
power stations, negating the need for expensive retrofitting or
avoiding complete plant closure. Unlike almost all biomass based
pellets, it does not have to use high-quality wood but can instead
utilise low-cost waste material which translates into significant
economic benefits. CoalSwitch(TM) has a unique solution to enable
coal-fired power plants to continue operating at acceptable
environmental standards. To facilitate the expansion, ABS is
establishing operations in the Americas, Europe and Asia and has
representation in those areas in terms of business development and
technical support.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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