AFC Energy Plc Result of General Meeting (4632Y)
03 March 2017 - 10:21PM
UK Regulatory
TIDMAFC
RNS Number : 4632Y
AFC Energy Plc
03 March 2017
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, GBP8.1 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) +44 (0) 20 3697 1209
Cantor Fitzgerald Europe - Nominated Adviser and Joint Broker
Andrew Craig
Richard Salmond +44 (0) 20 7894 7000
M C Peat & Co LLP - Joint Broker
Charlie Peat +44 (0) 20 7104 2334
Lionsgate Communications - Public Relations
Jonathan Charles +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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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