THIS
ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND
IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN
PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM THE UNITED STATES,
AUSTRALIA, CANADA, JAPAN, NEW ZEALAND, THE REPUBLIC OF SOUTH AFRICA
OR ANY OTHER JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR
DISTRIBUTION WOULD BE UNLAWFUL.
THIS
ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF
REGULATION (EU) 596/2014 AS IT FORMS PART OF DOMESTIC LAW IN
THE UNITED KINGDOM BY VIRTUE OF
THE EU (WITHDRAWAL) ACT 2018 ("MAR"). IN ADDITION, MARKET
SOUNDINGS (AS DEFINED IN MAR) WERE TAKEN IN RESPECT OF THE
FUNDRAISING WITH THE RESULT THAT CERTAIN PERSONS BECAME AWARE OF
INSIDE INFORMATION (AS DEFINED IN MAR), AS PERMITTED BY MAR. THIS
INSIDE INFORMATION IS SET OUT IN THIS ANNOUNCEMENT. THEREFORE,
THOSE PERSONS THAT RECEIVED INSIDE INFORMATION IN A MARKET SOUNDING
ARE NO LONGER IN POSSESSION OF SUCH INSIDE INFORMATION RELATING TO
THE COMPANY AND ITS SECURITIES.
10 February
2025
CleanTech Lithium PLC
("CleanTech Lithium" or the
"Company")
Proposed interim
fundraising
and corporate update
CleanTech Lithium PLC ("CleanTech Lithium" or the "Company"), an exploration and
development company advancing lithium projects in Chile for the
clean energy transition, announces an accelerated bookbuild to
raise gross proceeds of up to £2.4 million by way of a placing of
new Ordinary Shares (the "Placing
Shares") at a price of 16 pence per new Ordinary Share (the
"Issue Price") (the
"Placing").
The Company has also granted a
Broker Option to Fox-Davies Capital Limited ("Fox-Davies"), pursuant to which up to
an additional £2.0 million can be raised at the Issue Price until
5.00 p.m. on 25 February 2025 (the "Broker Option") (the Placing and the
Broker Option together being, the "Fundraising").
As part of the Fundraising, the
Fundraising Shares will carry a warrant entitlement of one warrant
for every Fundraising Share. Each Warrant grants the holder
the right to subscribe for one new Ordinary Share at a price of
11p, being approximately 31% per cent. below the Issue
Price, at any time from one year after the
date of First Admission until up to and including the date which is
4 years from the date of First Admission ("Warrants").
The Placing will utilise the
Company's existing authorities to allot shares and disapply the
pre-emption rights granted at its Annual General Meeting in
November 2024. Any amounts proposed to be
raised via the Broker Option (to the extent it is exercised), will
be subject to, amongst other things, the approval of Shareholders
to allow the issue of the Broker Option Shares and attached
Warrants on a non-pre-emptive basis at a general meeting to be
convened by the Company.
Steve Kesler, Executive Chairman, of CleanTech
Lithium Plc, commented:
"Thank you to our investors for their continued
support as we navigate an evolving and exciting lithium market with
strong long-term potential. While this fundraising was driven by
the extension to the ASX approval process, we remain committed to
achieving a dual listing on the ASX as soon as possible, working
closely with our advisers to meet this goal.
CleanTech Lithium is proud to be one of Chile's
most advanced lithium companies optimising Direct Lithium
Extraction. Our focus remains on delivering large scale
battery-grade lithium carbonate samples for testing by potential
strategic partners and off-takers, completing the PFS at Laguna
Verde, and advancing our partnerships with local communities as
part of our Lagune Verde Special Lithium Operating Contract
("CEOL") application, which has been submitted to the Chilean
Government. This funding ensures we can maintain momentum and
progress toward becoming a low-cost lithium producer."
Placing
The Company has decided to proceed
with this Placing both as an interim fundraising solution before
the planned listing on the Australian Securities Exchange
("ASX") in the near future
and as a result of offers of potential funding received from
several existing shareholders. As announced on 28 November
2024, a decision was made to target the ASX listing in Q1 2025.
Further information relating to the ASX listing is outlined
below.
The Placing will be conducted
through an accelerated bookbuild, which will be launched
immediately following this announcement (the "Announcement"). The Placing is subject
to the Terms and Conditions set out in Appendix 1 to this
Announcement.
Fox-Davies is acting as sole broker
and bookrunner ("Bookrunner") in connection with the
Placing and Beaumont Cornish Limited ("Beaumont Cornish") is acting as the
Company's nominated adviser.
It is intended that the Placing,
which is available to eligible institutional investors only, will
raise up to £2.4 million (before expenses) through the issue of the
Placing Shares at the Issue Price of 16 pence. The
Issue Price represents a discount of approximately 1.6
per cent. to the closing share price per Ordinary Share on 7
February 2025, being the last practicable date prior to publication
of the Announcement.
The Placing is expected to close no
later than 7.00 a.m. on 11 February 2025, but the Bookrunner and
Company reserve the right to extend this deadline if
appropriate. Admission of the Placing Shares ("First Admission") is expected to take place
on or around 14 February 2025.
The
Broker Option
In addition to the Placing, the
Company has granted a Broker Option to Fox-Davies pursuant to the
Placing Agreement in order to enable Fox-Davies to deal with any
additional demand in the event that requests to participate in the
Placing are received during the period from the date of the
publication of the announcement confirming the close of the
Bookbuild until 5.00 p.m. on 25 February
2025 from Relevant Persons (as defined in
Appendix 1 to this Announcement). The primary purpose of the Broker
Option is to deal with demand from those investors who did not
participate in the Placing. The Broker Option is exercisable by
Fox-Davies up until 5.00 p.m. on 25
February 2025 and is subject to the terms
and conditions set out in Appendix 1 to this
Announcement.
Any Broker Option Shares and
Warrants issued pursuant to the exercise of the Broker Option will
be issued on the same terms and conditions as the Placing Shares
and Warrants, which are set out in Appendix 1 to this Announcement,
and will comprise up to 12,500,000 new Ordinary Shares.
The Broker Option may be exercised
by Fox-Davies in its absolute discretion, but there is no
obligation on Fox-Davies to exercise the Broker Option or to seek
to procure subscribers for any Broker Option Shares and attached
Warrants from investors pursuant to the Broker Option.
The Broker Option, if exercised, is
to up to £2.0 million (before expenses). The issue of the Broker
Option Shares and Warrants is conditional on passing of relevant
resolutions (the "Resolutions") at a general meeting of
the Company to be convened and details of which will be published
in due course (the "General
Meeting"). In addition to the passing of the Resolutions at
the General Meeting, the Broker Option is conditional upon, inter
alia, First Admission becoming effective.
Warrants
The Fundraising Shares will carry a
Warrant entitlement of one warrant for every Fundraising
Share. Each Warrant will grant the holder the right to
subscribe for one new Ordinary Share at a price of 11p, being
approximately 31 per cent. below the Issue Price, at any time from
one year after the date of First Admission until up to and
including the date which is 4 years from the date of First
Admission.
As consideration for its services in connection
with the Fundraising, the Company intends to issue the Bookrunner
with warrants over such number of Ordinary Shares as is equal to
between 6 and 7.5% of the Fundraising Shares (each a
"Broker Warrant"). Each
Broker Warrant will be exercisable at a price equal to the Issue
Price up until five years from the date of First Admission. If
there is insufficient share authority to grant the Broker Warrants
at First Admission the Broker Warrants will be granted conditional
on the passing of the Resolutions at the General
Meeting.
Proposed Use of Proceeds
The net proceeds from the Placing will be applied toward:
·
progressing the capital programmes which are critical path
for the award of the CEOL at Laguna Verde;
· to
complete the Pre-Feasibility Study for Laguna Verde by end Q1 2025,
allowing the Company to engage in substantive discussions with
potential strategic partners;
· to
fund the listing on the ASX through to completion, enhancing market
visibility and access to a broader investor base;
· to
complete the first stage DLE pilot plant conversion process and
produce substantial quantities of battery grade lithium to
introduce to potential off-takers and strategic partners;
and
· for
general working capital requirements.
Proceeds from the Broker Option (if exercised)
(which when aggregated with the proceeds of the Placing, amount to
more than £2.4 million) would be applied to repaying Loan Notes (as
defined below).
Waiver pursuant to the Loan Note Instruments and grant of
Security:
On 1 July 2024 the Company announced
commitments from several investors ("Noteholders"), to raise gross proceeds
of approximately A$4 million (~£2.1 million) through the issuance
of loan notes ("Loan
Notes"). Pursuant to the terms of the Loan Note
instruments, from 1 October 2024 the Company agreed to grant, or
procure the grant of, security to the Noteholders in the form of a
first-ranking charge over the assets and undertakings of the
Company and over the issued share capital of the Company's wholly
owned UK subsidiary, CleanTech Lithium Limited ("Security"). The Company confirms
it is currently in the process of granting the Security and expects
to complete this process in the coming days.
Once the Loan Notes are redeemed, the Security
will be released. The Company plans to redeem the outstanding
Loan Notes from the proceeds raised from the Broker Option (if
exercised) and the ASX listing as was previously planned or from
other funding sources as might be
appropriate.
Pursuant to the terms of the Loan Note
instruments, all outstanding Loan Notes were to be redeemed on the
earlier of the Maturity Date (i.e. 30 June 2025) and 10 business
days following the completion of a capital raise of at least
A$5,000,000. The Company has received waivers from each of the
Noteholders, confirming that the Placing shall not cause the
outstanding Loan Notes to be redeemed. In consideration for these
waivers, the Company has agreed to pay the Noteholders an aggregate
fee of 1% of the gross amount raised pursuant to the Placing (the
"Waiver Fee"). The Waiver
Fee shall be apportioned pro rata between the Noteholders in
accordance with the percentage of total Loan Notes each subscribed
for at the time the Loan Notes were issued.
Related
Party
Regal Funds1, a substantial
shareholder in the Company currently interested in approximately 14
per cent. of the Company's issued share capital and therefore a
Related Party under the AIM Rules, is one of the Noteholders. As
such, the grant of the waiver and the payment of the Waiver Fee to
Regal Funds is a Related Party Transaction for the purposes of Rule
13 of the AIM Rules. Accordingly, the Directors of the Company, all
independent, consider, having consulted with Beaumont Cornish
Limited, the Company's Nominated Adviser, that the terms of the
waiver and the Waiver Fee are fair and reasonable insofar as the
Company's shareholders are concerned.
1Regal Funds comprising Regal Funds
Management Pty Limited and its associates (including Regal Partners
Limited, of which Regal Funds Management Pty Limited is a wholly
owned subsidiary) which act as trustee and investment advisor for
certain funds
ASX
Listing
CleanTech Lithium continues to make progress
with the planned listing on the ASX, with the aim of accessing a
larger, resource-focused investor pool. CleanTech Lithium is now
preparing to issue an updated Prospectus, targeted for release in
either March or April 2025 (depending on the finalisation of
year-end 2024 audited accounting data required for the Prospectus
and other factors). This milestone reflects CleanTech Lithium's
commitment to advancing its growth strategy and connecting with a
broader base of investors aligned with the global shift towards the
clean energy economy.
For
further information contact:
|
|
CleanTech Lithium PLC
|
|
Steve Kesler/Gordon Stein/Nick
Baxter
|
Jersey office: +44 (0) 1534 668
321
Chile office:
+562-32239222
|
|
Or via Celicourt
|
Celicourt Communications
Felicity Winkles/Philip Dennis/Ali
AlQahtani
|
+44 (0) 20 7770 6424
cleantech@celicourt.uk
|
Beaumont Cornish Limited (Nominated Adviser)
Roland Cornish/Asia
Szusciak
|
+44 (0) 20 7628 3396
|
Fox-Davies Capital Limited (Broker)
|
+44 (0) 20 3884 8450
|
Daniel Fox-Davies
|
daniel@fox-davies.com
|
Important Notice(s)
This Announcement includes
"forward-looking statements" which include all statements other
than statements of historical fact, including, without limitation,
those regarding the Company's financial position, business
strategy, plans and objectives of management for future operations,
or any statements preceded by, followed by or that include the
words "targets", "believes", "expects", "aims", "intends", "will",
"may", "anticipates", "would", "could" or similar expressions or
negatives thereof. Such forward-looking statements involve known
and unknown risks, uncertainties and other important factors beyond
the Company's control that could cause the actual results,
performance or achievements of the Group to be materially different
from future results, performance or achievements expressed or
implied by such forward-looking statements. Such forward-looking
statements are based on numerous assumptions regarding the
Company's present and future business strategies and the
environment in which the Company will operate in the future. These
forward-looking statements speak only as at the date of this
document. The Company expressly disclaims any obligation or
undertaking to disseminate any updates or revisions to any
forward-looking statements contained herein to reflect any change
in the Company's expectations with regard thereto or any change in
events, conditions or circumstances on which any such statements
are based unless required to do so by applicable law or the AIM
Rules.
Nothing contained herein shall be
deemed to be a forecast, projection or estimate of the future
financial performance of the Company or any other person following
the implementation of the Fundraising or otherwise.
The price of shares and the income
from them may go down as well as up and investors may not get back
the full amount invested on disposal of the shares. Past
performance is no guide to future performance and persons who
require advice should consult an independent financial
adviser.
The distribution of this
Announcement and the offering of the Fundraising Shares in certain
jurisdictions may be restricted by law. No action has been taken by
the Company or the Bookrunner that would permit an offering of such
shares or possession or distribution of this announcement or any
other offering or publicity material relating to such shares in any
jurisdiction where action for that purpose is required. Persons
into whose possession this announcement comes are required by the
Company and the Bookrunner to inform themselves about, and to
observe, any such restrictions.
This Announcement is not for
release, publication or distribution, in whole or in part, directly
or indirectly, in or
into Australia, Canada, Japan or
the Republic of South Africa or any jurisdiction into
which the publication or distribution would be unlawful. This
Announcement is for information purposes only and does not
constitute an offer to sell or issue or the solicitation of an
offer to buy or acquire shares in the capital of the Company
in Australia, Canada, Japan, New Zealand,
the Republic of South Africa or any jurisdiction in which such
offer or solicitation would be unlawful or require preparation of
any prospectus or other offer documentation or would be unlawful
prior to registration, exemption from registration or qualification
under the securities laws of any such jurisdiction.
This Announcement is not for
publication or distribution, directly or indirectly, in or into the
United States of America. This announcement is not an offer
of securities for sale into the United States. The securities
referred to herein have not been and will not be registered under
the U.S. Securities Act of 1933, as amended, and may not be offered
or sold in the United States, except pursuant to an applicable
exemption from registration. No public offering of securities
is being made in the United States.
Fox-Davies Capital Limited is
authorised and regulated by the FCA in the United Kingdom and is
acting as sole broker and bookrunner exclusively for the Company
and no one else in connection with the Fundraising and will not be
responsible to anyone (including any Placees) other than the
Company for providing the protections afforded to its clients or
for providing advice in relation to the Fundraising or any other
matters referred to in this announcement.
Beaumont Cornish Limited,
which is authorised and regulated in the United Kingdom by the
Financial Conduct Authority, is acting as nominated adviser to the
Company in relation to the Fundraising and is not acting for any
other persons in relation to the Fundraising. Beaumont Cornish
Limited is acting exclusively for the Company and for no one else
in relation to the matters described in this
announcement and is not advising any other person and accordingly
will not be responsible to anyone other than the Company for
providing the protections afforded to clients of Beaumont Cornish
Limited, or for providing advice in relation to the contents of
this announcement or any matter referred to in
it.
Appendix 1 to this Announcement sets
out the terms and conditions of the Fundraising. By participating
in the Fundraising, each Placee will be deemed to have read and
understood this Announcement (including the Appendices) in its
entirety, to be participating in the Fundraising and making an
offer to acquire and acquiring Fundraising Shares on the terms and
subject to the conditions set out in Appendix 1 to this
announcement and to be providing the representations, warranties,
undertakings and acknowledgements contained in Appendix 1 to this
Announcement.
Appendix 1
TERMS AND CONDITIONS OF THE
FUNDRAISING
IMPORTANT INFORMATION FOR INVITED
PLACEES ONLY.
MEMBERS OF THE PUBLIC ARE NOT
ELIGIBLE TO TAKE PART IN THE FUNDRAISING. THIS ANNOUNCEMENT
(INCLUDING THE APPENDICES) AND THE TERMS AND CONDITIONS SET OUT
HEREIN (THE "ANNOUNCEMENT")
ARE FOR INFORMATION PURPOSES ONLY AND ARE DIRECTED ONLY AT PERSONS
WHOSE ORDINARY ACTIVITIES INVOLVE THEM IN ACQUIRING, HOLDING,
MANAGING AND DISPOSING OF INVESTMENTS (AS PRINCIPAL OR AGENT) FOR
THE PURPOSES OF THEIR BUSINESS AND WHO HAVE PROFESSIONAL EXPERIENCE
IN MATTERS RELATING TO INVESTMENTS AND ARE: (A) IF IN A MEMBER
STATE OF THE EUROPEAN ECONOMIC AREA (THE "EEA"), PERSONS WHO ARE QUALIFIED
INVESTORS ("EEA QUALIFIED
INVESTORS"), BEING PERSONS FALLING WITHIN THE MEANING OF
ARTICLE 2(E) OF PROSPECTUS REGULATION (EU) 2017/1129 (THE
"PROSPECTUS REGULATION");
OR (B) IF IN THE UNITED KINGDOM, EITHER (I) PERSONS WHO ARE
QUALIFIED INVESTORS ("UK QUALIFIED
INVESTORS"), BEING PERSONS FALLING WITHIN THE MEANING OF
ARTICLE 2(E) OF PROSPECTUS REGULATION (EU) 2017/1129 AS IT FORMS
PART OF DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL)
ACT 2018 (THE "UK PROSPECTUS
REGULATION") (AND WHO ARE ALSO EITHER (a) PERSONS FALLING
WITHIN THE DEFINITION OF "INVESTMENT PROFESSIONAL" IN ARTICLE 19(5)
OF THE FINANCIAL SERVICES AND MARKETS ACT 2000 (FINANCIAL
PROMOTION) ORDER 2005, AS AMENDED (THE "ORDER"), OR (b) PERSONS WHO FALL WITHIN
ARTICLE 49(2)(A) TO (D) (HIGH NET WORTH COMPANIES, UNINCORPORATED
ASSOCIATIONS, ETC) OF THE ORDER), OR (II) PERSONS WHO ARE IN
RECEIPT OF THE OFFER IN ACCORDANCE WITH ARTICLE 1(4)(b) OF THE UK
PROSPECTUS REGULATION (AND WHO ARE ALSO PERSONS WHO FALL WITHIN
ARTICLE 43 OF THE ORDER (MEMBER AND CREDITORS OF CERTAIN BODIES
CORPORATE)), OR (C) IF IN AUSTRALIA, PERSONS WHO ARE EITHER (I)
SOPHISTICATED INVESTORS WITHIN THE MEANING OF SECTION 708(8) OF THE
AUSTRALIAN CORPORATIONS ACT 2001 (CTH) ("CORPORATIONS ACT"), (II) AN EXPERIENCED
INVESTOR MEETING THE CRITERIA IN SECTION 708(10) OF THE
CORPORATIONS ACT OR (III) A "PROFESSIONAL INVESTOR" WITHIN THE
MEANING OF SECTION 708(11) OF THE CORPORATIONS ACT (ALL SUCH
PERSONS REFERRED TO ABOVE AS "WHOLESALE INVESTORS"), OR (D) PERSONS
IN THE PROVINCES OF ONTARIO AND BRITISH COLUMBIA, CANADA WHO ARE AN
"ACCREDITED INVESTOR" WITHIN THE MEANING OF SECTION 1.1 OF NATIONAL
INSTRUMENT 45-106 - PROSPECTUS EXEMPTIONS ("NI 45-106") OF THE CANADIAN SECURITIES
ADMINISTRATORS OR SUBSECTION 73.3(1) OF THE SECURITIES ACT
(ONTARIO) AND A "PERMITTED CLIENT" as defined in
National Instrument 31-103 - Registration Requirements, Exemptions
and Ongoing Registrant Obligations OF THE CANADIAN
SECURITIES ADMINISTRATORS, OR (E) PERSONS TO WHOM IT MAY OTHERWISE
BE LAWFULLY COMMUNICATED (ALL SUCH PERSONS REFERRED TO IN (A), (B),
(C), (D) and (E) ABOVE TOGETHER BEING REFERRED TO AS "RELEVANT PERSONS").
BY ACCEPTING THE TERMS AND
CONDITIONS OF THIS ANNOUNCEMENT YOU REPRESENT AND AGREE THAT YOU
ARE A RELEVANT PERSON. THIS ANNOUNCEMENT MUST NOT BE ACTED ON OR
RELIED ON BY PERSONS WHO ARE NOT RELEVANT PERSONS. PERSONS
DISTRIBUTING THIS ANNOUNCEMENT MUST SATISFY THEMSELVES THAT IT IS
LAWFUL TO DO SO. ANY INVESTMENT OR INVESTMENT ACTIVITY TO WHICH
THIS ANNOUNCEMENT RELATES IS AVAILABLE ONLY TO RELEVANT PERSONS AND
WILL BE ENGAGED IN ONLY WITH RELEVANT PERSONS. THIS ANNOUNCEMENT
DOES NOT ITSELF CONSTITUTE AN OFFER FOR SALE OR SUBSCRIPTION OF ANY
SECURITIES IN THE COMPANY.
EACH PLACEE SHOULD CONSULT WITH ITS
OWN ADVISERS AS TO LEGAL, TAX, BUSINESS, ACCOUNTING AND RELATED
ASPECTS OF AN INVESTMENT IN THE FUNDRAISING SHARES AND HAVE
COMPLIED WITH, AND WILL COMPLY WITH, APPLICABLE SECURITIES LAWS IN
CONNECTION WITH THE FUNDRAISING.
THIS ANNOUNCEMENT IS NOT FOR
PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE
UNITED STATES OF AMERICA. THIS ANNOUNCEMENT IS NOT AN OFFER OF
SECURITIES FOR SALE IN THE UNITED STATES OF AMERICA. THE
FUNDRAISING SHARES HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER
THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE "US SECURITIES ACT"), AND MAY NOT
BE OFFERED OR SOLD, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART,
IN, INTO OR WITHIN THE UNITED STATES OF AMERICA
NO PUBLIC OFFERING OF THE SHARES
REFERRED TO IN THIS ANNOUNCEMENT IS BEING MADE IN THE EEA, THE
UNITED KINGDOM, CANADA, AUSTRALIA, HONG KONG, THE UNITED STATES OR
ANY OTHER RESTRICTED TERRITORY (AS DEFINED BELOW) OR
ELSEWHERE.
Unless otherwise stated, capitalised
terms in this Appendix have the meanings ascribed to them in
Appendix 2.
This Announcement is for information
purposes only and does not itself constitute or form part of an
offer to sell or issue or the solicitation of an offer to buy or
subscribe for securities referred to herein in any jurisdiction
including, without limitation, the United States of America
(including its territories and possessions, any state of the United
States and the District of Columbia), Canada, Australia, New
Zealand, South Africa, Japan or Hong Kong (each a "Restricted Territory") or in any other
jurisdiction where such offer or solicitation is unlawful. No
public offering of securities will be made in connection with the
Fundraising in the EEA, the United Kingdom, Canada, the United
States, Australia, New Zealand, South Africa, Japan, Hong Kong or
any other Restricted Territory or elsewhere.
Subject to certain exceptions, this
Announcement, and the information contained herein, is not for
release, publication or distribution, directly or indirectly, to
persons in any Restricted Territory or in any other jurisdiction in
which such release, publication or distribution is unlawful. The
distribution of this Announcement and the Fundraising and/or the
offer or sale of the Fundraising Shares or Warrants in certain
jurisdictions may be restricted by law. No action has been taken by
the Company or by Fox-Davies Capital Limited ("Fox-Davies" or the "Bookrunner"), or any of its Affiliates,
or any of their, or their respective Affiliates' partners,
directors, officers, members, employees, agents or advisers which
would permit an offer of the Fundraising Shares or Warrants or
possession or distribution of this Announcement or any other
offering or publicity material relating to such Fundraising Shares
or Warrants in any jurisdiction where action for that purpose is
required. Persons distributing any part of this Announcement must
satisfy themselves that it is lawful to do so. Persons (including,
without limitation, nominees and trustees) who have a contractual
or other legal obligation to forward a copy of this Announcement
should seek appropriate advice before taking any such action.
Persons into whose possession this Announcement comes are required
by each of the Company and the Bookrunner to inform themselves
about, and to observe, any such restrictions.
All offers of the Fundraising Shares
and Warrants will be made pursuant to an exemption from the
requirement to produce a prospectus under either the Prospectus
Regulation, the UK Prospectus Regulation, the Corporations Act, or
Canadian securities laws, as applicable. This Announcement is being
distributed and communicated to persons in the United Kingdom only
in circumstances to which section 21(1) of the Financial Services
and Markets Act 2000, as amended ("FSMA") does not apply.
Subject to certain exceptions, the
securities referred to in this Announcement may not be offered or
sold in any Restricted Territory or in any other jurisdiction where
such offer or sale is unlawful or to, or for the account or benefit
of, a citizen or resident, or a corporation, partnership or other
entity created or organised in or under the laws of a Restricted
Territory or in any other jurisdiction where such offer or sale is
unlawful.
This Announcement has been issued
by, and is the sole responsibility of, the Company. No
representation or warranty, express or implied, is or will be made
as to, or in relation to, and no responsibility or liability is or
will be accepted by the Bookrunner or any of its Affiliates, nor
any of its or their Affiliates' partners, directors,
officers, employees, agents or advisers as to or in relation to, the
accuracy or completeness of this Announcement or any other written
or oral information made available to or publicly available to any
party or its advisers, and any liability therefore is expressly
disclaimed (save that nothing in this paragraph shall exclude the
liability of any person for their own fraudulent
misrepresentation).
The Bookrunner is acting exclusively
for the Company and no-one else in connection with the Fundraising
and is not, and will not be, responsible to anyone (including the
Placees) other than the Company for providing the protections
afforded to its clients nor for providing advice in relation to the
Fundraising and/or any other matter referred to in this
Announcement.
None of the Company, the Bookrunner
nor its Affiliates, nor any of its, or their respective
Affiliates', partners, directors, officers, employees, agents or advisers,
makes any representation or warranty, express or implied to any
Placees regarding any investment in the securities referred to in
this Announcement under the laws applicable to such Placees. Each
Placee should consult its own advisers as to the legal, tax,
business, financial and related aspects of an investment in the
Fundraising Shares or Warrants.
By
participating in the Fundraising, Placees (including individuals,
funds or otherwise) by whom or on whose behalf a commitment to
acquire Fundraising Shares and Warrants has been given will (i) be
deemed to have read and understood this Announcement, in its
entirety; and (ii) be making such offer on the terms and conditions
contained in this Appendix, including being deemed to be providing
(and shall only be permitted to participate in the Fundraising on
the basis that they have provided) the representations, warranties,
indemnities, acknowledgements and undertakings set out
herein.
In particular, each such Placee
represents, warrants, undertakes, agrees and acknowledges (amongst
other things) that:
1. it is a
Relevant Person and undertakes that it will subscribe for, acquire,
hold, manage or dispose of any Fundraising Shares and Warrants that
are allocated to it for the purposes of its business;
2. in the
case of a Relevant Person in a member state of the EEA which is
subject to the Prospectus Regulation (each a "Relevant Member State") who acquires
any Fundraising Shares and Warrants pursuant to the
Fundraising:
(a) it is an EEA Qualified
Investor; and
(b) in respect of any
Fundraising Shares and Warrants acquired by it as a financial
intermediary, as that term is used in Article 5(1) of the
Prospectus Regulation:
(i)
the Fundraising Shares and Warrants acquired by
and/or subscribed for by it in the Fundraising will not be acquired
and/or subscribed for on a non-discretionary basis on behalf of,
nor will they be acquired or subscribed for with a view to their
offer or resale to persons in any Relevant Member State other than
to EEA Qualified Investors, or in circumstances which may give rise
to an offer of securities to the public other than an offer or
resale in any Relevant Member State to EEA Qualified Investors, or
in circumstances in which the prior consent of the Bookrunner has
been given to each such proposed offer or resale;
or
(ii)
where Fundraising Shares and Warrants have been
acquired or subscribed for by it on behalf of persons in any
Relevant Member State other than EEA Qualified Investors, the offer
of those Fundraising Shares and Warrants to it is not treated under
the Prospectus Regulation as having been made to such
persons;
3. in the
case of a Relevant Person in the United Kingdom who acquires any
Fundraising Shares and Warrants pursuant to the
Fundraising:
(a) it is either:
a. a UK
Qualified Investor; or
b. a
shareholder of the Company; and
(b) in respect of any
Fundraising Shares and Warrants acquired by it as a financial
intermediary, as that term is used in Article 5(1) of the UK
Prospectus Regulation:
(i)
the Fundraising Shares and Warrants acquired by
and/or subscribed for by it in the Fundraising will not be acquired
and/or subscribed for on a non-discretionary basis on behalf of,
nor will they be acquired or subscribed for with a view to their
offer or resale to persons in the United Kingdom other than to UK
Qualified Investors, or in circumstances which may give rise to an
offer of securities to the public other than an offer or resale in
the United Kingdom to UK Qualified Investors, or in circumstances
in which the prior consent of the Bookrunner has been given to each
such proposed offer or resale; or
(ii)
where the Fundraising Shares and Warrants have
been acquired or subscribed for by it on behalf of persons in the
United Kingdom other than UK Qualified Investors, the offer of
those Fundraising Shares and Warrants to it is not treated under
the UK Prospectus Regulation as having been made to such
persons;
4. in the
case of a person in Australia who acquires any Fundraising Shares
and Warrants pursuant to the Fundraising, it is a Wholesale
Investor, and it is not that person's intention or purpose that any
of the Fundraising Shares and Warrants be acquired for the purpose
of selling or transferring the securities or granting, issuing, or
transferring interests in, or options over, them; and
5. in the
case of a person in Canada who acquires any Fundraising Shares and
Warrants pursuant to the Fundraising:
(a) it has duly completed a
form of Canadian representation letter with respect to the
Fundraising Shares and Warrants;
(b) it is resident in the
Province of Ontario or British Columbia, Canada, and is subject to
the securities laws of such Province;
(c) it is an "accredited
investor" within the meaning of section 1.1 National Instrument
45-106 - Prospectus
Exemptions ("NI 45-106") or, in Ontario, as such
term is defined in section 73.3(1) of the Securities
Act (Ontario) (the
"OSA"), as
applicable;
(d) it is a "permitted client"
as defined in National Instrument 31-103 - Registration Requirements, Exemptions and
Ongoing Registrant Obligations;
(e) it is, or is deemed to be,
purchasing the Fundraising Shares and Warrants as principal for its
own account in accordance with applicable Canadian securities laws,
for investment only and not with a view to resale or
redistribution; and
(f) such person was not
created or used solely to purchase or hold the Fundraising Shares
and Warrants as an accredited investor under NI 45-106.
IMPORTANT INFORMATION FOR PLACEES ONLY REGARDING THE
FUNDRAISING
Bookbuild
Following the release of this
Announcement, the Bookrunner will commence an accelerated
bookbuilding process in respect of the Placing ("Accelerated Bookbuild") and, subject to
the exercise of the Broker Option a further bookbuild
("Broker Option Bookbuild")
in respect of the Broker Option Shares (together the "Bookbuilds") to determine demand for
participation in the Fundraising by Placees. The books will open
with immediate effect following release of this Announcement.
Members of the public are not entitled to participate in the
Fundraising. This Appendix gives details of the terms and
conditions of, and the mechanics of participation in, the
Fundraising.
The Bookrunner and the Company shall
be entitled to effect the Fundraising by such alternative method to
the Bookbuilds as they may, in their absolute discretion,
determine.
Information to Distributors
Solely for the purposes of the
product governance requirements contained within: (a) EU Directive
2014/65/EU on markets in financial instruments, as amended
("MiFID II"); (b) Articles
9 and 10 of Commission Delegated Directive (EU) 2017/593
supplementing MiFID II; and (c) local measures implementing
retained EU law (as defined in section 6(7) of the European Union
(Withdrawal) Act 2018) in the United Kingdom) ("Retained MiFID Provisions" (together,
the "MiFID II Product Governance
Requirements")) and disclaiming all and any liability,
whether arising in tort, contract or otherwise, which any
"manufacturer" (for the purposes of the MiFID II Product Governance
Requirements) may otherwise have with respect thereto, the
Fundraising Shares and Warrants have been subject to a product
approval process, which has determined that such securities are:
(i) compatible with an end target market of retail investors and
investors who meet the criteria of professional clients and
eligible counterparties, each as defined in MiFID II and the
Retained MiFID Provisions; and (ii) eligible for distribution
through all distribution channels as are permitted by MiFID II and
the Retained MiFID Provisions (the "Target Market Assessment").
Notwithstanding the Target Market
Assessment, distributors should note that: the price of the
Fundraising Shares (and the Ordinary Shares that are subject to the
Warrants) may decline and investors could lose all or part of their
investment; the Fundraising Shares and Warrants offer no guaranteed
income and no capital protection; and an investment in the
Fundraising Shares and Warrants is compatible only with
investors who do not need a guaranteed income or capital
protection, who (either alone or in conjunction with an appropriate
financial or other adviser) are capable of evaluating the merits
and risks of such an investment and who have sufficient resources
to be able to bear any losses that may result therefrom. The Target
Market Assessment is without prejudice to the requirements of any
contractual, legal or regulatory selling restrictions in relation
to the Fundraising. Furthermore, it is noted that,
notwithstanding the Target Market Assessment, the Bookrunner will
only procure investors who meet the criteria of professional
clients and eligible counterparties.
For the avoidance of doubt, the
Target Market Assessment does not constitute: (a) an assessment of
suitability or appropriateness for the purposes of MiFID II or the
Retained MiFID Provisions; or (b) a recommendation to any investor
or group of investors to invest in, or purchase, or take any other
action whatsoever with respect to the Fundraising Shares and
Warrants.
Each distributor is responsible for
undertaking its own target market assessment in respect of the
Fundraising Shares and Warrants and determining appropriate
distribution channels.
Details of the Placing Agreement, the Fundraising Shares and
the Warrants
The Bookrunner is acting as the
Company's agent in connection with the Fundraising. The Bookrunner
has entered into an agreement with the Company (the "Placing Agreement") under which,
subject to the conditions set out therein, the Bookrunner has
agreed, as agent for the Company, to use its reasonable endeavours
to procure Placees for the Placing Shares at a price of 16 pence
per Placing Share (the "Issue
Price") and as set out in the Placing Agreement. In
addition, the Company has granted a Broker Option to Fox-Davies to
place up to 12,500,000 Broker Option Shares at the Issue Price if
there is additional demand. For every Fundraising Share subscribed
for, the Placee will also be granted one Warrant. Each Warrant will
entitle the subscriber to subscribe for one Ordinary Share at a
price of 11 pence per Ordinary Share at any time from one year
after the date of First Admission until up to and including the
date which is 4 years from the date of First Admission. The
Warrants will be unlisted and no application will be made for the
Warrants to be admitted to trading on AIM or any other stock
exchange.
The number of Placing Shares and
Warrants in the Placing will be determined following completion of
the Accelerated Bookbuild and set out in the placing supplement
agreement to be entered into between Bookrunner and the Company
(the "Placing Supplement
Agreement"). The final number of Placing Shares and Warrants
and their allocations will be decided at the close of the
Accelerated Bookbuild. The timing of the closing of the Accelerated
Bookbuild will be at the discretion of the Company and the
Bookrunner. Details of the number of Placing Shares and Warrants
will be announced as soon as practicable after the close of the
Accelerated Bookbuild.
If the Bookrunner elects to exercise
the Broker Option, the number of Broker Option Shares and Warrants
will be determined following completion of the Broker Option
Bookbuild and set out in the notice of exercise of the Broker
Option. The final number of Broker Option Shares and Warrants and
their allocations will be decided at the close of the Broker Option
Bookbuild. The timing of the closing of the Broker Option Bookbuild
will be at the discretion of the Company and the Bookrunner.
Details of the number of Broker Option Shares and Warrants will be
announced as soon as practicable after the close of the Broker
Option Bookbuild.
In accordance with the terms and
subject to the conditions in the Placing Agreement, the Fundraising
is not being underwritten by the Bookrunner or anyone else, and in
the event that subscribers are not obtained for all or any of the
Fundraising Shares and Warrants or in the event of a default to
make payment by any subscribers procured by the Bookrunner, there
will be no obligation on the Bookrunner to subscribe for any Fundraising
Shares and Warrants.
The Fundraising Shares have been or
will be duly authorised and will, when issued, be credited as fully
paid and will rank pari
passu in all respects with the existing Ordinary
Shares, including the right to receive all dividends and other
distributions declared, made or paid in respect of the Ordinary
Shares after the date of issue of the Fundraising Shares. The
Fundraising Shares and Warrants will be issued free of any
encumbrances, liens or other security interests.
Application for Admission to trading on AIM
Application will be made to the
London Stock Exchange plc for the admission of the Placing Shares
to trading on AIM ("First
Admission").
It is expected that First Admission
will take place at 8.00 am (London time) on 14 February 2025, or
such later date as may be agreed between the Company and the
Bookrunner, provided that such date is no later than 8.00 am
(London time) on the Long Stop Date.
Subject to exercise of the Broker
Option and the passing of the Resolutions at the General Meeting,
application will be made to London Stock Exchange for admission to
trading of the Broker Option Shares on AIM. It is expected that
settlement of any such shares and Second Admission will take place
immediately following the General Meeting and that dealings in the
Broker Option Shares will commence at that time.
Participation in, and principal terms of, the
Fundraising
1. The
Bookrunner is arranging the Fundraising as agent of the Company.
Participation in the Fundraising will only be available to persons
who may lawfully be, and are, invited to participate by the
Bookrunner. The Bookrunner and its affiliates are entitled to enter
bids as principal in the Bookbuilds.
2. The
Bookbuilds, if successful, will establish the number of Fundraising
Shares and Warrants which will be included in the Fundraising. The
number of Fundraising Shares and Warrants and the aggregate
proceeds to be raised through the Fundraising will be agreed
between the Bookrunner and the Company following completion of the
relevant Bookbuilds.
3. To bid in
the Bookbuilds, Placees should communicate their bid by telephone
or in writing to their usual sales contact at the Bookrunner. Each
bid should state the number of Fundraising Shares which the
prospective Placee wishes to acquire at the Issue Price. The
Fundraising Shares carry a Warrant entitlement of one Warrant for
every Fundraising Share. Bids in the Bookbuilds may be scaled down
by the Bookrunner on the basis referred to in
paragraph 6 below.
4. The
Accelerated Bookbuild is expected to close no later than 7.00 am
(London time) on 11 February 2025, being the first Business Day
after the date of this Announcement, but may be closed earlier or
later, at the absolute discretion of the Bookrunner. If the Broker
Option is exercised, the Broker Option Bookbuild is expected to
close no later than 7.00 am (London time) on 26 February 2025, but
may be closed earlier or later, at the absolute discretion of the
Bookrunner. The Bookrunner may, in agreement with the Company,
accept bids that are received after the Bookbuilds have
closed.
5. Each
Placee's allocation will be confirmed to Placees either orally or
by email by the Bookrunner following the close of the relevant
Bookbuild. Subject to paragraph 8 below, the Bookrunner's oral
confirmation to such Placee will constitute an irrevocable legally
binding commitment upon such person (who will at that point become
a Placee) in favour of the Bookrunner (as an agent of the Company)
and the Company, under which such Placee agrees to subscribe for
the number of Fundraising Shares and Warrants allocated to it and
to pay the Issue Price for each such Fundraising hare on the terms
and conditions set out in this Appendix and in accordance with the
Company's articles of association.
6. Subject to
paragraphs 2 and 3 above,
the Bookrunner may choose to accept bids, either in whole or in
part, on the basis of allocations determined at their discretion
and may scale down any bids for this purpose on such basis as they
may determine or be directed. The Bookrunner may also,
notwithstanding paragraphs 2 and 3 above, (i) allocate Fundraising
Shares and Warrants after the time of any initial allocation to any
person submitting a bid after that time, and (ii) allocate
Fundraising Shares and Warrants after the relevant Bookbuild has
closed to any person submitting a bid after that time. The
acceptance of offers shall be at the absolute discretion of the
Bookrunner. If within a reasonable time after a request for
verification of identity, the Bookrunner has not received such
satisfactory evidence, the Bookrunner may, in its absolute
discretion, terminate the Placee's Fundraising participation in
which event all funds delivered by the Placee to the Bookrunner
will be returned without interest to the account of the drawee bank
or CREST account from which they were originally
debited.
7. The
allocation of Fundraising Shares and Warrants to Placees located in
Canada shall be conditional on the execution by each Placee of an
investor representation letter or subscription agreement (in the
form required by the Bookrunner).
8. A bid in
the Bookbuilds will be made on the terms and subject to the
conditions in this Appendix and will be legally binding on the
Placee on behalf of which it is made and, except with the
Bookrunner's and the Company's consent, will not be capable of
variation or revocation after the time at which it is submitted.
Each Placee will also have an immediate, separate, irrevocable and
binding obligation, owed to the Bookrunner, to pay it (or its
assignee or as it may direct) in cleared funds an amount equal to
the product of the Issue Price and the number of Fundraising Shares
that such Placee has agreed to acquire. Such Placees' obligations
will be owed to the
Bookrunner.
9. Except as
required by law or regulation, no press release or other
announcement will be made by either the Bookrunner or the Company
using the name of any Placee (or its agent), in its capacity as
Placee (or agent), other than with such Placee's prior written
consent.
10. Irrespective of the
time at which a Placee's allocation(s) pursuant to the Placing(s)
is/are confirmed, settlement for the Fundraising Shares and
Warrants to be acquired pursuant to the Placing will be required to
be made at the same time, on the basis explained below under
"Registration and settlement".
11. All obligations under
the Bookbuilds and the Fundraising will be subject to satisfaction,
fulfilment or (where applicable) waiver of the conditions referred
to below under "Conditions of the Fundraising " and to the
Fundraising not being terminated on the basis referred to below
under "Termination of the Placing Agreement".
12. By participating in a
Bookbuild, each Placee agrees that its rights and obligations in
respect of the Placing will terminate only in the circumstances
described below and will not be capable of rescission or
termination by the Placee.
13. To the fullest extent
permissible by law, neither the Bookrunner, the Company nor any of
their respective Affiliates shall have any responsibility or
liability (including to the extent permissible by law, any
fiduciary duties) to Placees (or to any other person whether acting
on behalf of a Placee or otherwise). In particular, neither the
Bookrunner, nor the Company, nor any of their respective Affiliates
shall have any responsibility or liability (including to the extent
permissible by law, any fiduciary duties) in respect of the
Bookrunners conduct of the Bookbuilds or of such alternative method
of effecting the Fundraising as the Bookrunner, its Affiliates and
the Company may agree or determine.
Conditions of the Placing and Broker Option
The Placing is conditional upon the
Placing Agreement becoming unconditional and not having been
terminated in accordance with its terms. The Bookrunner's
obligations under the Placing Agreement with respect to the Placing
are conditional on certain conditions, including (without
limitation):
1. Admission
of the Placing Shares having become effective;
2. the
Company complying with its obligations under the Placing Agreement
to the extent that the same fall to be performed prior to First
Admission;
3. none of
the warranties or undertakings provided by the Company in the
Placing Agreement being or having become untrue, inaccurate or
misleading at any time, and no fact or circumstance having arisen
which would constitute a breach of any of the warranties or
undertakings provided by the Placing Agreement, in each case, save
to the extent that the Bookrunner consider, acting in good faith,
that the relevant matter is not material in the context of the
Placing or Admission; and
4. Admission
of the Placing Shares taking place on or around 8.00 am (London
time) on 14 February 2025, or such later date as may be agreed in
writing between the Company and the Bookrunner, being not later
than 8.00 am (London time) on the Long Stop Date.
The obligations of Fox-Davies under
the Placing Agreement in respect of the Broker Option Shares (where
the Broker Option is exercised) are conditional upon, inter
alia:
1. the
Resolutions having been passed by the requisite majority at the
General Meeting;
2. the
Company allotting the Broker Option Shares prior to and conditional
only on Second Admission, in accordance with the terms of the
Placing Agreement;
3. First
Admission having become effective;
4. Second
Admission taking place not later than 8.00 a.m. on the Long
Stop Date;
5. the
Company complying in all material respects with all of its
undertakings and obligations under the Placing Agreement and having
satisfied all of the conditions to be satisfied by it, in each case
under the terms of the Placing Agreement or under these terms, to
the extent that the same fall to be performed prior to Second
Admission;
6. none of
the warranties in the Placing Agreement having ceased to be true
and accurate or having become misleading following the date of the
Placing Agreement up to and including the date of Second Admission,
in each case, as though they had been given and made on such dates
by reference to the facts and circumstances then subsisting which,
in the opinion of the Fox-Davies (acting in good faith), is
material in the context of the Fundraising and/or Second
Admission,
If, in respect of the Placing: (i)
any of the conditions contained in the Placing Agreement, including
(without limitation) those described above, are not fulfilled or
(where applicable) waived by the Bookrunner by the relevant time or
date specified (or such later time or date as the Company and the
Bookrunner may agree, being not later than 8.00 am on the Long Stop
Date); or (ii) the Placing Agreement is terminated in the
circumstances specified below, the Placing will lapse and the
Placees' rights and obligations hereunder in relation to the
Placing Shares and Warrants shall cease and terminate at such time
and each Placee agrees that no claim can be made by it in respect
thereof.
The Bookrunner may, at its absolute
discretion, waive fulfilment of all or any of the conditions in the
Placing Agreement in whole or in part, or extend the time provided
for fulfilment of one or more conditions (to the extent that the
Bookrunner is permitted to waive such condition pursuant to the
Placing Agreement). Any such extension or waiver will not affect
Placees' commitments as set out in this Announcement. The
Bookrunner may terminate the Placing Agreement in certain
circumstances, details of which are set out below.
Neither the Bookrunner nor any of
its Affiliates, nor any of its Affiliates' partners, directors,
officers, employees, agents or advisers shall have any liability to
any Placee (or to any other person whether acting on behalf of a
Placee or otherwise) in respect of any decision it or another
person may make as to whether or not to waive or to extend the time
and/or date for the satisfaction of any condition to the
Fundraising nor for any decision it may make as to the satisfaction
of any condition or in respect of the Fundraising generally and by
participating in the Fundraising each Placee agrees that any such
decision is within the absolute discretion of the
Bookrunner.
By participating in a Bookbuild,
each Placee agrees that its rights and obligations hereunder
terminate only in the circumstances described above and under
"Termination of the Placing Agreement" below and will not be
capable of rescission or termination by the Placee.
Termination of the Placing Agreement
The Bookrunner is entitled at any
time before First Admission or Second Admission, to terminate the
Placing Agreement in accordance with its terms in certain
circumstances, including, inter alia, if:
1. any of the
warranties contained in the Placing Agreement was not, or has
ceased to be, true or accurate in any material respect, or was
misleading, or would not be true, accurate or not
misleading if then repeated, by reference to the facts subsisting
at the time;
2. any
statement contained in any of the Placing Documents (being the
marketing presentation in relation to the Fundraising and the
announcements in relation to the Fundraising) has become or been
discovered to be untrue or inaccurate in any material respect or
misleading or there has been a material omission therefrom;
or
3. there has
occurred, in the Bookrunner's or the Nominated Adviser's opinion,
acting in good faith, a material adverse change in the business of
the Company or in the financial or trading position or prospects of
the Company which would, or would be likely to, prejudice
materially the Company, the Fundraising or Admission; or
4. there have
occurred certain market disruption or force majeure events, as
specified in the Placing Agreement.
If the Placing Agreement is
terminated after First Admission but prior to Second Admission,
such termination shall be without prejudice to First
Admission.
By participating in the Placing,
each Placee agrees that its rights and obligations in respect of
the Fundraising terminate only in the circumstances described above
and under the "Conditions of the Placing and Broker Option" section
above and will not be capable of rescission or termination by it
after oral confirmation by the Bookrunner following the close of a
Bookbuild.
By participating in a Bookbuild,
each Placee agrees with the Company and the Bookrunner that the
exercise by the Company or the Bookrunner of any right of
termination or any other right or other discretion under the
Placing Agreement shall be within the absolute discretion of the
Company or the Bookrunner or for agreement between the Company and
the Bookrunner (as the case may be) and that neither the Company
nor the Bookrunner need make any reference to, or undertake any
consultation with, Placees and that neither they nor any of their
respective Affiliates', agents, directors, officers or employees
shall have any liability to Placees (or to any other person whether
acting on behalf of a Placee or otherwise) whatsoever in connection
with any such exercise.
No
prospectus
The Fundraising Shares and Warrants
that are being issued in relation to the Fundraising are being
offered to a limited number of specifically invited persons only
and, for the avoidance of doubt, this will be to fewer than 150
persons and/or persons who are UK Qualified Investors, and will not
be offered in such a way as to require any prospectus or other
offering document to be published. No offering document,
prospectus or admission document has been or will be prepared or
submitted to be approved by the FCA (or any other authority) in
relation to the Fundraising, or the Fundraising Shares or the
Warrants and Placees' commitments will be made solely on the basis
of publicly available information taken together with the
information contained in this Announcement.
Each Placee, by participating in the
Fundraising, agrees that the content of this Announcement and the
publicly available information released by or on behalf of the
Company is exclusively the responsibility of the Company and
confirms to the Bookrunner and the Company that it has neither
received nor relied on any other information, representation,
warranty, or statement made by or on behalf of the Company (other
than publicly available information) or the Bookrunner or its
Affiliates or any other person and neither the Bookrunner nor the
Company, nor any of their respective Affiliates nor any other
person will be liable for any Placee's decision to participate in
the Fundraising based on any other information, representation,
warranty or statement which the Placees may have obtained or
received (regardless of whether or not such information,
representation, warranty or statement was given or made by or on
behalf of any such persons). By participating in the Fundraising,
each Placee acknowledges and agrees that it has relied on its own
investigation of the business, financial or other position of the
Company in making an offer to participate in the Fundraising. No
Placee should consider any information in this Announcement to be
legal, tax or business advice. Nothing in this paragraph
shall exclude the liability of any person for fraudulent
misrepresentation.
Post-Admission Undertakings
The Company has, inter alia,
undertaken to the Bookrunner that, except for the Fundraising
Shares, any Ordinary Shares which may be subscribed by Directors in
conjunction with the Fundraising, the Broker Warrants, the
Warrants, the exercise of existing options and warrants and certain
issues of Ordinary Shares to Directors in lieu of fees, for three
months following Admission of the Placing Shares it will not issue
any shares or other securities other than with the consent of the
Nominated Adviser and the Bookrunner (acting in good faith), and
save for a further fundraising as part of the planned ASX listing
expected to be completed in the first half of 2025 or an investment
by a strategic partner, provided that the Company notifies the
Nominated Adviser and the Bookrunner in advance of its intention to
conduct such further fundraising.
By participating in the Fundraising,
Placees agree that the exercise by the Nominated Adviser or the
Bookrunner of any power to grant consent to waive such undertaking
by the Company shall be within the absolute discretion of the
Nominated Adviser and the Bookrunner and that they need not make
any reference to, or consult with, Placees and that they shall have
no liability to Placees whatsoever in connection with any such
exercise of the power to grant consent.
Registration and settlement
Settlement of transactions in the
Fundraising Shares (ISIN: JE00BTJ01443) and the Warrants (ISIN: to
be confirmed) following Admission will take place within the
relevant system administered by Euroclear ("CREST"), using the delivery versus
payment mechanism, subject to certain exceptions. Subject to
certain exceptions, the Bookrunner and the Company reserve the
right to require settlement for, and delivery of, the Fundraising
Shares and Warrants to Placees by such other means that they deem
necessary if delivery or settlement is not practicable in CREST
within the timetable set out in this Announcement or would not be
consistent with the regulatory requirements in the Placee's
jurisdiction.
Each Placee agrees that it will do
all things necessary to ensure that delivery and payment for any
Fundraising Shares and Warrants is completed either (a) in
accordance with either the standing CREST or certificated
settlement instructions that it has in place with the Bookrunner;
or (b) if there are no standing CREST of certificated settlement
instructions in place with the Bookrunner, in accordance with such
CREST or (if agreed with the Bookrunner) certificated settlement
instructions provided in writing by the Placee to the
Bookrunner.
Subject to the paragraph below, the
Company will deliver the relevant Fundraising Shares and Warrants
in accordance with the Placing Agreement, to a CREST account
operated by the Bookrunner as agent for the Company and the
Bookrunner will enter its delivery (DEL) instruction into the CREST
system. The Bookrunner will hold any Fundraising Shares and
Warrants delivered to this account as nominee for the relevant
Placees procured by it. The input to CREST by a Placee of a
matching or acceptance instruction will then allow delivery of the
relevant Fundraising Shares to that Placee against
payment.
If agreed in advance between a
Placee ("Certificated
Placee") and the Bookrunner, and notified in advance by the
Bookrunner to the Company, the Company will (subject to the
remainder of this paragraph) arrange for delivery of a share
certificate in the name of the Certificated Placee for the relevant
Fundraising Shares and/or Warrants. Funds must be received by the
Bookrunner from the Certificated Placees at least three days prior
to the date of Admission. Subject to receipt of the relevant funds
by the Bookrunner and subject and conditional upon Admission, the
Company shall arrange for delivery of the relevant share
certificate to the relevant Certificated Placee. In the event that
Admission does not become effective by the Long Stop Date, any
funds received by the Bookrunner from any Certificated Placee shall
be returned, without interest, to the relevant drawee bank
account.
It is expected that settlement of
the Placing Shares and Warrants will be on 14 February 2025 in
accordance with the instructions given by the Bookrunner.
It is expected that settlement of any Broker
Option Shares through CREST will take place at the time of Second
Admission.
Interest is chargeable daily on
payments not received from Placees on the due date in accordance
with the arrangements set out above at the rate of two percentage
points above Barclays Bank PLC as determined by the Bookrunner,
with interest compounded on a daily basis.
Each Placee agrees that, if it does
not comply with these obligations, the Bookrunner may sell any or
all of the Fundraising Shares and Warrants allocated to that Placee
on such Placee's behalf and retain from the proceeds, for the
Company's account and benefit, an amount equal to the aggregate
amount owed by the Placee plus any interest due. The relevant
Placee will, however, remain liable for any shortfall below the
aggregate amount owed by it and shall be required to bear any stamp
duty, stamp duty reserve tax or other stamp, securities, transfer,
registration, execution, documentary or other similar impost, duty
or tax (together with any interest or penalties) which may arise
upon the sale of such Fundraising Shares and Warrants on such
Placee's behalf. The foregoing is without prejudice to any cause of
action the Bookrunner may have against a defaulting
Placee.
If Fundraising Shares and/or
Warrants are to be delivered to a custodian or settlement agent,
Placees should ensure that the custodian or settlement agent is
notified immediately to the relevant person within that
organisation. Insofar as Fundraising Shares and/or Warrants are
registered in a Placee's name or that of its nominee or in the name
of any person for whom a Placee is contracting as agent or that of
a nominee for such person, such Fundraising Shares and/or Warrants
should, subject to as provided below, be so registered free
from any liability to United Kingdom stamp duty or United Kingdom
stamp duty reserve tax. If there are any circumstances in which any
other stamp duty or stamp duty reserve tax (and/or any interest,
fines or penalties relating thereto) is payable in respect of the
allocation, allotment, issue or delivery of the Fundraising Shares
and/or Warrants (or for the avoidance of doubt if any stamp duty or
stamp duty reserve tax is payable in connection with any subsequent
transfer of or agreement to transfer Fundraising Shares or
Warrants), neither of the Bookrunner nor the Company shall be
responsible for the payment thereof. Placees will not be entitled
to receive any fee or commission in connection with the
Fundraising.
Representations and warranties
By submitting a bid and/or
participating in the Fundraising each prospective Placee (and any
person acting on such Placee's behalf) irrevocably acknowledges,
confirms, undertakes, represents, warrants and agrees (as the case
may be and (or
itself and for any such prospective Placee) with each of the
Nominated Adviser, and the Bookrunner (in its capacity as placing
agent in respect of the Fundraising), and the Company, in each case
as a fundamental term of its application for Fundraising Shares and
Warrants, the following:
1. it has
read and understood this Announcement, including this Appendix, in
its entirety and that its subscription for and purchase of
Fundraising Shares and Warrants is subject to and based upon all
the terms, conditions, representations, warranties, indemnities,
acknowledgements, agreements and undertakings and other information
contained herein and undertakes not to redistribute, duplicate or
otherwise transmit this Announcement and that it has not relied on,
and will not rely on, any information given or any representations,
warranties or statements made at any time by any person in
connection with Admission, the Bookbuild, the Fundraising, the
Company, the Fundraising Shares, the Warrants or
otherwise;
2. other than
the marketing presentation provided to it by the Bookrunner or the
Company in connection with the Fundraising, that no offering
document or prospectus or admission document has been or will be
prepared in connection with the Fundraising or is required under
the Prospectus Regulation, the UK Prospectus Regulation, the
Corporations Act or Canadian securities laws and it has not
received and will not receive a prospectus, admission document or
other offering document in connection with Admission, the
Bookbuild, the Company, the Fundraising, the Fundraising Shares or
the Warrants;
3. time is of
the essence as regards its obligations under this
Announcement;
4. any
document that is to be sent to it in connection with the
Fundraising will be sent at its risk and may be sent to it at any
address provided by it to the Bookrunner;
5. that the
Ordinary Shares are admitted to trading on AIM and that the Company
is therefore required to publish certain business and financial
information in accordance with MAR, the AIM Rules, and other
applicable law and regulation;
6. that
neither the Bookrunner nor the Company nor any of their respective
Affiliates nor any person acting on behalf of any of them has
provided, and none of them will provide, it with any material or
information regarding the Fundraising Shares, the Warrants, the
Bookbuild, the Fundraising or the Company or any other person other
than this Announcement, nor has it requested any of the Bookrunner,
the Company, or any of their respective Affiliates nor any person
acting on behalf of any of them to provide it with any such
material or information;
7. unless
otherwise specifically agreed with the Bookrunner, that it is not,
and at the time that the Fundraising Shares and Warrants are
acquired neither it nor the beneficial owner of such Fundraising
Shares and Warrants will be, a resident of a Restricted Territory
or any other jurisdiction in which it would be unlawful to make or
accept an offer to acquire the Fundraising Shares or Warrants,
subject to certain restrictions; and further acknowledges that the
Fundraising Shares and Warrants have not been and will not be
registered or otherwise qualified for offer and sale nor will an
offering document, prospectus or admission document be cleared or
approved in respect of any of the Fundraising Shares and Warrants
under the securities legislation of any Restricted Territory and,
subject to certain exceptions, may not be offered, sold,
transferred, delivered or distributed, directly or indirectly, in
whole or in part, in, into or within those jurisdictions or in any
other country or jurisdiction where any such action for that
purpose is required;
8. that the
content of this Announcement is exclusively the responsibility of
the Company and that neither the Bookrunner, the Nominated Adviser
nor any of their respective Affiliates nor any person acting on
their behalf has or shall have any responsibility or liability for
any information, representation or statement contained in this
Announcement or any information previously or subsequently
published by or on behalf of the Company and will not be liable for
any Placee's decision to participate in the Fundraising based on
any information, representation or statement contained in this
Announcement or any information previously published by or on
behalf of the Company or otherwise;
9. that the
only information on which it is entitled to rely and on which such
Placee has relied in committing itself to acquire the Fundraising
Shares and Warrants is contained in this Announcement, such
information being all that it deems necessary to make an investment
decision in respect of the Fundraising Shares and Warrants, and
that it has neither received nor relied on any other information
given or investigations, representations, warranties or statements
made by the Nominated Adviser, the Bookrunner or the Company or any
of their respective Affiliates and neither the Bookrunner nor the
Company nor any of their respective Affiliates or any person acting
on any of their respective behalf will be liable for any Placee's
decision to accept an invitation to participate in the Fundraising
based on any other information, representation, warranty or
statement;
10. that it has relied on
its own investigation, examination and due diligence of the
business, financial or other position of the Company in deciding to
participate in the Fundraising and that neither of the Nominated
Adviser, the Bookrunner nor any of their respective Affiliates nor
any person acting on any of their respective behalf have made any
representations to it, express or implied, with respect to the
Company, the Bookbuild or the Fundraising or the Fundraising Shares
or the Warrants, and each of them expressly disclaims any liability
in respect thereof;
11. that it has not
relied on any information relating to the Company contained in any
research reports prepared by the Bookrunner or any of its
Affiliates or any person acting on the Bookrunner's or any of its
Affiliates' behalf and understands that (i) neither of the
Nominated Adviser nor the Bookrunner nor any of their respective
Affiliates nor any person acting on their behalf has or shall have
any liability for public information or any representation; (ii)
neither of the Nominated Adviser nor the Bookrunner nor any of
their respective Affiliates nor any person acting on their behalf
has or shall have any liability for any additional information that
has otherwise been made available to such Placee, whether at the
date of publication, the date of this Announcement or otherwise;
and that (iii) neither of the Nominated Adviser nor the Bookrunner
nor any of their respective Affiliates nor any person acting on
their behalf makes any representation or warranty, express or
implied, as to the truth, accuracy or completeness of such
information, whether at the date of publication, the date of this
Announcement or otherwise;
12. that the allocation,
allotment, issue and delivery to it, or the person specified by it
for registration as holder, of Fundraising Shares and Warrants will
not give rise to a liability under any of sections 67, 70, 93 or 96
of the Finance Act 1986 (depositary receipts and clearance
services) and that it is not participating in the Fundraising as
nominee or agent for any person to whom the allocation, allotment,
issue or delivery of the Fundraising Shares or the Warrants would
give rise to such a liability and that the Fundraising Shares and
Warrants are not being acquired in connection with arrangements to
issue depositary receipts or to issue or transfer Fundraising
Shares or Warrants into a clearance service;
13. that no action has
been or will be taken by the Company, the Bookrunner, nor any
person acting on behalf of the Company, that would, or is intended
to, permit a public offer of the Fundraising Shares or Warrants in
any country or jurisdiction where any such action for that purpose
is required;
14. that it and any
person acting on its behalf is entitled to acquire the Fundraising
Shares and Warrants under the laws of all relevant jurisdictions
which apply to it and that it has fully observed such laws and
obtained all such governmental and other guarantees, permits,
authorisations, approvals and consents which may be required
thereunder and complied with all necessary formalities and that it
has not taken any action or omitted to take any action which will
or may result in the Bookrunner, the Company or any of their
respective Affiliates acting in breach of the legal or regulatory
requirements of any jurisdiction in connection with the
Fundraising;
15. that it (and any
person acting on its behalf) has all necessary capacity and has
obtained all necessary consents and authorities to enable it to
commit to its participation in the Fundraising and to perform its
obligations in relation thereto (including, without limitation, in
the case of any person on whose behalf it is acting, all necessary
consents and authorities to agree to the terms set out or referred
to in this Announcement) and will honour such
obligations;
16. that it has complied
with its obligations under the Criminal Justice Act 1993, Part VIII
of FSMA and MAR and in connection with money laundering and
terrorist financing under the Proceeds of Crime Act 2002 (as
amended), the Terrorism Act 2000, the Anti-Terrorism Crime and
Security Act 2001, the Terrorism Act 2006, the Money Laundering,
Terrorist Financing and Transfer of Funds (Information on the
Payer) Regulations 2017 and the Money Laundering Sourcebook of the
FCA and any related or similar rules, regulations or guidelines
issued, administered or enforced by any government agency having
jurisdiction in respect thereof (the "Regulations") and, if making payment on
behalf of a third party, that satisfactory evidence has been
obtained and recorded by it to verify the identity of the third
party as required by the Regulations. If within a reasonable time
after a request for verification of identity, the Bookrunner has
not received such satisfactory evidence, the Bookrunner may, in its
absolute discretion, terminate the Placee's Fundraising
participation in which event all funds delivered by the Placee to
the Bookrunner will be returned without interest to the account of
the drawee bank or CREST account from which they were originally
debited;
17. that it is a Relevant
Person and acting as principal only in respect of the Fundraising
or, if it is acting for any other person: (i) it is duly authorised
to do so and has full power to make, and does make, the
acknowledgments, representations and agreements herein on behalf of
each such person; and (ii) it is and will remain liable to the
Bookrunner and the Company for the performance of all its
obligations as a Placee in respect of the Fundraising
(regardless of the fact that it is acting for another person). Each
Placee agrees that the provisions of this paragraph shall survive
the resale of the Fundraising Shares and/or Warrants by or on
behalf of any person for whom it is acting;
18. if in a member state
of the EEA and except as disclosed in this Announcement under
"Details of the Fundraising", that it is (i) an EEA Qualified
Investor and (ii) a "professional client" or an "eligible
counterparty" within the meaning set out in EU Directive 2014/65/EU
on markets in financial instruments (MIFID II), as implemented into
national law of the relevant EEA state;
19. if in the United
Kingdom, and it is a UK Qualified Investor, that it undertakes that
it will acquire, hold, manage and (if applicable) dispose of any
Placing Shares or Warrants that are allocated to it for the
purposes of its business only;
20. that it has not
distributed, forwarded, transferred or otherwise transmitted, and
will not distribute, forward, transfer or otherwise transmit, this
Announcement or any part of it, or any other presentation or other
materials concerning the Placing (including electronic copies
thereof), directly or indirectly, whether in whole or in part, in
or into any Restricted Territory or any other jurisdiction in which
such distribution, forwarding, transfer or transmission would be
unlawful;
21. where it is acquiring
the Fundraising Shares and Warrants for one or more managed
accounts, it represents, warrants and undertakes that it is
authorised in writing by each managed account: (a) to acquire the
Fundraising Shares and Warrants for each managed account; and (b)
it has full power to make the acknowledgements, representations and
agreements herein on behalf of each such account;
22. that if it is a
pension fund or investment company, it represents, warrants and
undertakes that its acquisition of Fundraising Shares and Warrants
is in full compliance with applicable laws and
regulations;
23. if it is acting as a
financial intermediary, as that term is used in Article 2(d) of the
Prospectus Regulation or the UK Prospectus Regulation, as the case
may be, that the Fundraising Shares and Warrants acquired by it in
the Fundraising will not be acquired on a non-discretionary basis
on behalf of, nor will they be acquired with a view to their offer
or resale to, persons in a member state of the EEA other than EEA
Qualified Investors or persons in the United Kingdom other than UK
Qualified Investors, or in circumstances in which the prior consent
of the Bookrunner and the Company has been given to the proposed
offer or resale;
24. that it has not
offered or sold and, prior to the expiry of a period of six months
from Admission, will not offer or sell any Fundraising Shares or
Warrants to persons in the EEA, except to EEA Qualified Investors
or otherwise in circumstances which have not resulted and which
will not result in an offer to the public in any member state in
the EEA within the meaning of Article 2(d) of the Prospectus
Regulation;
25. that it has not
offered or sold and, prior to the expiry of a period of six months
from Admission, will not offer or sell any Fundraising Shares or
Warrants to persons in the United Kingdom, except to UK Qualified
Investors or otherwise in circumstances which have not resulted and
which will not result in an offer to the public in the United
Kingdom within the meaning of Article 2(d) of the UK Prospectus
Regulation;
26. that any offer of
Fundraising Shares and Warrants may only be directed at persons in
member states of the EEA who are EEA Qualified Investors and
represents, warrants and undertakes that it has not offered or sold
and will not offer or sell any Fundraising Shares or Warrants to
persons in the EEA prior to Admission except to EEA Qualified
Investors or otherwise in circumstances which have not resulted in
and which will not result in an offer to the public in any member
state of the EEA within the meaning of the Prospectus
Regulation;
27. that any offer of
Fundraising Shares and Warrants may only be directed at
persons in the United Kingdom who are either UK Qualified Investors
or are shareholders of the Company and represents, warrants and
undertakes that it has not offered or sold and will not offer or
sell any Fundraising Shares or Warrants to persons in the United
Kingdom prior to Admission except to UK Qualified Investors or
otherwise in circumstances which have not resulted in and which
will not result in an offer to the public in the United Kingdom
within the meaning of the UK Prospectus Regulation;
28. that it has only
communicated or caused to be communicated and will only communicate
or cause to be communicated any invitation or inducement to engage
in investment activity (within the meaning of section 21 of the
FSMA) relating to the Fundraising Shares and Warrants in
circumstances in which section 21(1) of the FSMA does not require
approval of the communication by an authorised person;
29. that it has complied
and will comply with all applicable laws (including all relevant
provisions of the FSMA) with respect to anything done by it in
relation to the Fundraising Shares in respect of anything done in,
from or otherwise involving, the United Kingdom;
30. if it has received
any inside information (as that term is defined in MAR) about the
Company in advance of the Fundraising, it has not: (i) dealt in the
securities of the Company; (ii) encouraged, required, recommended
or induced another person to deal in the securities of the Company;
or (iii) disclosed such information to any person except as
permitted by MAR, prior to the information being made publicly
available;
31. that (i) it (and any
person acting on its behalf) has capacity and authority and is
otherwise entitled to purchase the Fundraising Shares and Warrants
under the laws of all relevant jurisdictions which apply to it;
(ii) it has paid any issue, transfer or other taxes due in
connection with its participation in any territory; (iii) it has
not taken any action which will or may result in the Company, the
Bookrunner, any of their respective Affiliates or any person acting
on their behalf being in breach of the legal and/or regulatory
requirements and/or any anti-money laundering requirements of any
territory in connection with the Fundraising; and (iv) that the
subscription for and purchase of the Fundraising Shares and
Warrants by it or any person acting on its behalf will be in
compliance with applicable laws and regulations in the jurisdiction
of its residence, the residence of the Company, or
otherwise;
32. it (and any person
acting on its behalf) has the funds available to pay for the
Fundraising Shares and Warrants it has agreed to acquire, agree and
undertake that it (and any person acting on its behalf) will make
payment for the Fundraising Shares and Warrants allocated to it in
accordance with this Announcement on the due time and date set out
herein and, in the case of the Fundraising Shares and Warrants,
against delivery of such Fundraising Shares and Warrants to it,
failing which the relevant Fundraising Shares and Warrants may be
placed with other Placees or sold as the Bookrunner and the Company
may in their absolute discretion determine and without liability to
such Placee. It will, however, remain liable for any shortfall
below the net proceeds of such sale and the Fundraising proceeds of
such Fundraising Shares and Warrants and may be required to bear
any stamp duty or stamp duty reserve tax (together with any
interest or penalties) due pursuant to the terms set out or
referred to in this Announcement which may arise upon the sale of
such Placee's Fundraising Shares and Warrants on its
behalf;
33. that its allocation
(if any) of Fundraising Shares and Warrants will represent a
maximum number of Fundraising Shares and Warrants to which it will
be entitled, and required, to acquire, and that the Bookrunner or
the Company may call upon it to acquire a lower number of
Fundraising Shares and Warrants (if any), but in no event in
aggregate more than the aforementioned maximum;
34. that none of the
Company, the Bookrunner, the Nominated Advisor nor any of their
respective Affiliates nor any person acting on their behalf, is
making any recommendations to it, or advising it regarding the
suitability or merits of any transactions it may enter into in
connection with the Fundraising and that participation in the
Fundraising is on the basis that it is not and will not be a client
of the Bookrunner and that the Bookrunner does not have any duties
or responsibilities to it for providing the protections afforded to
their respective clients or customers or for providing advice in
relation to the Fundraising nor in respect of any representations,
warranties, undertakings or indemnities contained in the Placing
Agreement nor for the exercise or performance of any of the
Bookrunner's rights and obligations thereunder including any rights
to waive or vary any conditions or exercise any termination
right;
35. no prospectus will be
cleared or approved in respect of the Fundraising Shares and
Warrants under the securities laws of any Restricted Territory and,
subject to certain exceptions, the Fundraising Shares and Warrants
may not be offered, sold, taken up, renounced or delivered or
transferred, directly or indirectly, in whole or in part, in, into
or within any Restricted Territory, or in any country or
jurisdiction where any action for that purpose is
required;
36. that the person whom
it specifies for registration as holder of the Fundraising Shares
and Warrants will be (i) itself or (ii) its nominee, as the case
may be. Neither the Bookrunner, nor the Company nor any of their
respective Affiliates will be responsible for any liability to
stamp duty or stamp duty reserve tax or other similar duties or
taxes (together with any interest or penalties) resulting from a
failure to observe this requirement. Each Placee and any person
acting on behalf of such Placee agrees to indemnify the Bookrunner,
the Company and any of their respective Affiliates and any person
acting on their respective behalf in respect of the same on an
after-tax basis on the basis that (in the case of uncertificated
Fundraising Shares and Warrants) the relevant Fundraising
Shares and Warrants will (where they are not held in certificated
form) be allotted to the CREST stock account of the Bookrunner who
will hold them as nominee on behalf of such Placee until settlement
in accordance with its settlement instructions;
37. that these terms and
conditions and any agreements entered into by it pursuant to these
terms and conditions, and any non-contractual obligations arising
out of or in connection with such agreements, shall be governed by
and construed in accordance with the laws of England and Wales and
it submits (on behalf of itself and on behalf of any person on
whose behalf it is acting) to the exclusive jurisdiction of the
English courts as regards any claim, dispute or matter arising out
of any such agreements, except that enforcement proceedings in
respect of the obligation to make payment for the Fundraising
Shares and Warrants (together with any interest chargeable thereon)
may be taken by the Bookrunner or the Company in any jurisdiction
in which the relevant Placee is incorporated or in which any of its
securities have a quotation on a recognised stock
exchange;
38. that the Bookrunner,
the Company and their respective Affiliates and others will rely
upon the truth and accuracy of the representations, warranties,
agreements, undertakings and acknowledgements set forth herein and
which are given to the Bookrunner on its own behalf and on behalf
of the Company and are irrevocable and it irrevocably authorises
the Bookrunner and the Company to produce this Announcement,
pursuant to, in connection with, or as may be required by any
applicable law or regulation, administrative or legal proceeding or
official inquiry with respect to the matters set forth
herein;
39. that it will
indemnify on an after-tax basis and hold the Bookrunner, the
Company and their respective Affiliates and any person acting on
their behalf harmless from any and all costs, claims, liabilities
and expenses (including legal fees and expenses) arising out of,
directly or indirectly, or in connection with any breach by it of
the representations, warranties, acknowledgements, agreements and
undertakings in this Appendix and further agrees that the Company
and the Bookrunner will rely on the truth and accuracy of the
confirmations, warranties, acknowledgements and undertakings herein
and, if any of the foregoing is or becomes no longer true or
accurate, the Placee shall promptly notify the Bookrunner and the
Company. All confirmations, warranties, acknowledgements and
undertakings given by the Placee, pursuant to this Announcement are
given to the Bookrunner for itself and on behalf of the Company and
will survive completion of the Fundraising and
Admission;
40. that any documents
(including without limitation share certificates) sent to Placees
will be sent at the Placees' risk. They may be sent by post to such
Placees at an address notified to the Bookrunner;
41. that it irrevocably
appoints any director of the Bookrunner as its agent for the
purposes of executing and delivering to the Company and/or its
registrars any documents on its behalf necessary to enable it to be
registered as the holder of any of the Fundraising Shares and
Warrants agreed to be taken up by it under the
Fundraising;
42. that, as far as it is
aware it is not acting in concert (within the meaning given in The
City Code on Takeovers and Mergers) with any other person in
relation to the Company;
43. that its commitment
to acquire Fundraising Shares and Warrants on the terms set out
herein will continue notwithstanding any amendment that may in
future be made to the terms and conditions of the Fundraising and
that Placees will have no right to be consulted or require that
their consent be obtained with respect to the Company's or the
Bookrunner' conduct of the Fundraising or any of them;
44. that in making any
decision to acquire the Fundraising Shares and Warrants (i) it has
sufficient knowledge, sophistication and experience in financial,
business and international investment matters as is required to
evaluate the merits and risks of subscribing for or purchasing the
Fundraising Shares and Warrants; (ii) it is experienced in
investing in securities of this nature in the Company's sector and
is aware that it may be required to bear, and is able to bear, the
economic risk of participating in, and is able to sustain a
complete loss in connection with, the Fundraising; (iii) it has
relied on its own examination, due diligence and analysis of the
Company and its Affiliates taken as a whole, including the markets
in which the Group operates, and the terms of the Fundraising,
including the merits and risks involved and not upon any view
expressed or information provided by or on behalf of the Bookrunner
or any of its Affiliates; (iv) it has had sufficient time and
access to information to consider and conduct its own investigation
with respect to the offer and purchase of the Fundraising Shares
and Warrants, including the legal, regulatory, tax, business,
currency and other economic and financial considerations relevant
to such investment and has so conducted its own investigation to
the extent it deems necessary for the purposes of its
investigation; (v) it is aware and understands that an investment
in the Fundraising Shares and Warrants involves a considerable
degree of risk and it will not look to the Company, the Bookrunner,
any of their respective Affiliates or any person acting on their
behalf for all or part of any such loss or losses it or they may
suffer; and (vi) has no need for liquidity with respect to its
investment in the Fundraising Shares and Warrants;
45. it agrees that
neither of the Bookrunner, the Nominated Adviser nor the Company
owe any fiduciary or other duties to it or any Placee in respect of
any representations, warranties, undertakings or indemnities in the
Placing Agreement;
46. it understands and
agrees that it may not rely on any investigation that the
Bookrunner or any person acting on its behalf may or may not have
conducted with respect to the Company and its Affiliates or the
Fundraising and the Bookrunner and its Affiliates have not made any
representation or warranty to it, express or implied, with respect
to the merits of the Fundraising, the subscription for or purchase
of the Fundraising Shares and Warrants, or as to the condition,
financial or otherwise, of the Company and its Affiliates, or as to
any other matter relating thereto, and nothing herein shall be
construed as any investment or other recommendation to it to
acquire the Fundraising Shares and Warrants. It agrees that no
information has been prepared by, or is the responsibility of, the
Bookrunner or any of its Affiliates for the purposes of this
Fundraising;
47. it agrees that it
will not hold either of the Nominated Adviser or the Bookrunner or
any of their respective Affiliates or any person acting on their
behalf responsible or liable for any misstatements in, or omissions
from, any publicly available information relating to the
Group or information made available (whether in written or
oral form) relating to the Group (the "Information") and that neither of the
Nominated Adviser, the Bookrunner nor any person acting on behalf
of the Nominated Adviser or the Bookrunner makes any representation
or warranty, express or implied, as to the truth, accuracy or
completeness of such Information or accepts any responsibility for
any of such Information;
48. that in connection
with the Fundraising, the Bookrunner and any of its Affiliates
acting as an investor for its own account may take up shares in the
Company and in that capacity may retain, purchase or sell for its
or their own account such shares in the Company and any securities
of the Company or related investments and may offer or sell such
securities or other investments otherwise than in connection with
the Fundraising. Accordingly, references in this Announcement to
shares being issued, offered or placed should be read as including
any issue, offering or placement of such shares in the Company to
the Bookrunner and any of their respective Affiliates acting in
such capacity. In addition, the Bookrunner or any of its Affiliates
may enter into financing arrangements (including swaps, warrants or
contracts for differences) with investors in connection with which
the Bookrunner or any of its Affiliates may from time to time
acquire, hold or dispose of such securities of the Company,
including the Fundraising. Neither the Bookrunner nor any of its
Affiliates intend to disclose the extent of any such investment or
transactions otherwise than in accordance with any legal or
regulatory obligation to do so;
49. that it will not
distribute any document relating to the Fundraising Shares and
Warrants and it will be acquiring the Fundraising Shares and
Warrants for its own account as principal or for a discretionary
account or accounts (as to which it has the authority to make the
statements set out herein) for investment purposes only and it
does not have any contract, understanding or arrangement with any
person to sell, pledge, transfer, deliver or grant a participation
therein to such person or any third person with respect of any
Fundraising Shares and Warrants;
50. none of the Company
nor the Bookrunner, nor any of their respective, partners,
directors, officers, employees, Affiliates or agents has made any
written or oral representation: (i) that any person will resell or
repurchase the Fundraising Shares and Warrants; (ii) that any
person will refund all or any part of the purchase price for the
Fundraising Shares and Warrants; or (iii) as to the future price or
value of the Fundraising Shares and Warrants;
51. if it is a person in
Australia, that it is a Wholesale Investor, and it is not that
person's intention or purpose that any of the Fundraising Shares
and Warrants be acquired for the purpose of selling or transferring
the securities or granting, issuing, or transferring interests in,
or options over, them;
52. if it is a person in
Canada, that it is in and resident in Ontario or British Columbia,
it is an "accredited investor" as such term is defined in section
1.1 of NI 45-106 or, in Ontario, as such term is defined in section
73.3(1) of the OSA, and it is a "permitted client" (as defined in
National Instrument 31-103 - Registration Requirements and
Exemptions);
and
53. that the Bookrunner
and its Affiliates may have engaged in transactions with, and
provided various commercial banking, investment banking, financial
advisory transactions and services in the ordinary course of their
business with the Company and/or its Affiliates for which they
would have received customary fees and commissions and that the
Bookrunner and its Affiliates may provide such services to the
Company and/or its Affiliates in the future.
The foregoing acknowledgements,
agreements, undertakings, representations, warranties and
confirmations are given for the benefit of the Company as well the
Bookrunner (for their own benefit and, where relevant, the benefit
of its Affiliates and any person acting on their behalf) and are
irrevocable. Each Placee, and any person acting on behalf of a
Placee, acknowledges that neither the Bookrunner nor the Company
owe any fiduciary or other duties to any Placee in respect of any
representations, warranties, undertakings or indemnities in the
Placing Agreement.
Please also note that the agreement
to allot and issue Fundraising Shares and grant the Warrants to
Placees (or the persons for whom Placees are contracting as nominee
or agent) free of UK stamp duty and UK stamp duty reserve tax
relates only to their allotment and issue to Placees, or such
persons as they nominate as their agents or nominees, direct from
the Company for the Fundraising Shares and Warrants in question.
Neither the Company or the Bookrunner will be responsible for any
UK stamp duty or UK stamp duty reserve tax or any other transfer
taxes (including any interest, fines and penalties relating
thereto) arising in relation to the Fundraising Shares and Warrants
in any other circumstances.
Such agreement is subject to the
representations, warranties and further terms above and also
assumes, and is based on a warranty from each Placee, that the
Fundraising Shares and Warrants are not being acquired in
connection with arrangements to issue depositary receipts or to
issue or transfer the Fundraising Shares and Warrants into a
clearance service. Neither the Bookrunner nor the Company are
liable to bear any stamp duty or stamp duty reserve tax or any
other similar duties or taxes ("transfer taxes") or related interest,
fines or penalties that arise (i) if there are any such
arrangements (or if any such arrangements arise subsequent to the
acquisition by Placees of Fundraising Shares and Warrants) or (ii)
on a sale of Fundraising Shares and Warrants, or (iii) otherwise
than under the laws of the United Kingdom. Each Placee to whom (or
on behalf of whom, or in respect of the person for whom it is
participating in the Fundraising as an agent or nominee) the
allocation, allotment, issue or delivery of Fundraising Shares and
Warrants has given rise to such transfer taxes undertakes to pay
such transfer taxes forthwith, and agrees to indemnify on an
after-tax basis and hold the Bookrunner, the Company, their
respective Affiliates and any person acting on any of their
respective behalf harmless from any such transfer taxes, and all
interest, fines or penalties in relation to such transfer taxes.
Each Placee should, therefore, take its own advice as to whether
any such transfer tax liability arises.
Each Placee and any person acting on
behalf of each Placee acknowledges and agrees that the Bookrunner
or any of its Affiliates may, at their absolute discretion, agree
to become a Placee in respect of some or all of the Fundraising
Shares and Warrants. Each Placee acknowledges and is aware that the
Bookrunner is receiving a fee in connection with their role in
respect of the Fundraising as detailed in the Placing
Agreement.
When a Placee or person acting on
behalf of the Placee is dealing with the Bookrunner, any money held
in an account with the Bookrunner on behalf of the Placee and/or
any person acting on behalf of the Placee may not be treated as
client money within the meaning of the rules and regulations of the
FCA made under the FSMA. The Placee acknowledges that the money
will not be subject to the protections conferred by the client
money rules, as a consequence, this money may not be segregated
from the Bookrunner's money in accordance with the client money
rules and may be used by the Bookrunner in the course of its own
business, and the Placee may rank only as a general creditor of the
Bookrunner.
All times and dates in this
Announcement may be subject to amendment. The Bookrunner shall
notify the Placees and any person acting on behalf of the Placees
of any changes.
No statement in the Placing
Documents is intended to be a profit forecast or estimate, and no
statement in the Placing Documents should be interpreted to mean
that earnings per share of the Company for the current or future
financial years would necessarily match or exceed the historical
published earnings per share of the Company. Past performance is no
guide to future performance and persons needing advice should
consult an independent financial adviser.
The rights and remedies of the
Nominated Adviser, Bookrunner and the Company under these Terms and
Conditions are in addition to any rights and remedies which would
otherwise be available to each of them and the exercise or partial
exercise of one will not prevent the exercise of others.
Each Placee may be asked to disclose
in writing or orally to the Bookrunner:
a)
if he or she is an individual, his or her
nationality; or
b)
if he or she is a discretionary fund manager, the
jurisdiction in which the funds are managed or owned.
Appendix 2
Definitions
The following definitions apply
throughout this Announcement unless the context otherwise
requires:
Accelerated Bookbuild
|
means the accelerated bookbuilding
process to be commenced by the Bookrunner to use reasonable
endeavours to procure Placees for the Placing Shares and the
Warrants, as described in this Announcement and subject to the
terms and conditions set out in this Announcement and the Placing
Agreement.
|
Admission
|
First Admission and/or Second
Admission (as the context requires).
|
Affiliate
|
has the meaning given in Rule 501(b)
of Regulation D under the US Securities Act or Rule 405 under the
US Securities Act, as applicable and, in the case of the Company,
includes its subsidiary undertakings.
|
AIM
Rules
|
means the AIM Rules for Companies
published by the London Stock Exchange plc.
|
ASX
|
the Australian Securities
Exchange.
|
Announcement
|
means this announcement (including
its Appendices).
|
Bookbuilds
|
means the Accelerated Bookbuild and
the Broker Option Bookbuild.
|
Bookrunner
|
means FDC.
|
Broker Option
|
the conditional placing of the
Broker Option Shares and the Warrants to be arranged by Fox-Davies,
following the exercise of its option and at its absolute
discretion, as agent for the Company pursuant to the provisions of
the Placing Agreement and the terms and conditions set out in
Appendix 1 to this Announcement.
|
Broker Option Bookbuild
|
means (in the event that the Broker
Option is exercised) the bookbuilding process to be commenced by
the Bookrunner to use reasonable endeavours to procure Placees for
the Broker Option Shares and the Warrants, as described in this
Announcement and subject to the terms and conditions set out in
this Announcement and the Placing Agreement.
|
Broker Option Shares
|
up to 12,500,000 new Ordinary Shares
to be issued by the Company (at the absolute discretion of
Fox-Davies) pursuant to, and following the exercise of, the Broker
Option.
|
Broker Warrants
|
has the meaning given to it in the
main body of this Announcement.
|
Company
|
means CleanTech Lithium
PLC.
|
Corporations Act
|
means the Australian Corporations
Act 2001 (Cth).
|
CREST
|
means the relevant system (as
defined in the Uncertificated Securities Regulations 2001 (SI 2001
No. 3755)) in respect of which Euroclear is the Operator (as
defined in such Regulations) in accordance with which securities
may be held and transferred in uncertificated form.
|
EEA
|
means European Economic
Area.
|
EEA
Qualified Investor
|
means qualified investors as defined
in Article 2(e) of the Prospectus Regulation.
|
Euroclear
|
means Euroclear UK &
International Limited, a company incorporated under the laws of
England and Wales.
|
FCA
or Financial Conduct Authority
|
means the UK Financial Conduct
Authority.
|
FDC and Fox-Davies
|
means Fox-Davies Capital
Limited.
|
First Admission
|
admission of the Placing Shares to
trading on AIM becoming effective in accordance with Rule 6 of the
AIM Rules which is expected to take place at 8.00 a.m. on 14
February 2025.
|
FSMA
|
means the Financial Services and
Markets Act 2000 (as amended, including any regulations made
pursuant thereto).
|
Fundraising
|
has the meaning given to it in the
main body of this Announcement
|
Fundraising Shares
|
the Placing Shares and, to the
extent exercised, the Broker Option Shares
|
General Meeting
Group
|
Has the meaning given to it in the
main body of this Announcement
means the Company and its subsidiary
undertakings.
|
Hong Kong
|
means the Hong Kong Special
Administrative Region of the People's Republic of China.
|
Information
|
has the meaning given to it in
Appendix 1 of this Announcement.
|
Issue Price
|
means 16 pence per new Ordinary
Share.
|
Long Stop Date
|
means 31
March 2025.
|
MAR
|
means the Market Abuse Regulation
(EU) No.596/2014 as it forms part of the law of the United Kingdom
by virtue of the European Union (Withdrawal) Act 2018.
|
NI
45-106
|
means National Instrument 45-106
- Prospectus
Exemptions of the Canadian Securities
Administrators.
|
Nominated Adviser
|
Beaumont Cornish Limited.
|
Order
|
has the meaning given to it in
Appendix 1 of this Announcement.
|
Ordinary Shares
|
means the ordinary shares of £0.02
each in the capital of the Company.
|
OSA
|
means the Securities
Act (Ontario).
|
Placee
|
means any person procured by the
Bookrunner (acting as agents for and on behalf of the Company), on
the terms and subject to the conditions of the Placing Agreement,
to subscribe for the Fundraising Shares and Warrants pursuant to
the Fundraising.
|
Placing
|
has the meaning given to it in the
main body of this Announcement.
|
Placing Agreement
|
has the meaning given to it in
Appendix I to this Announcement.
|
Placing Documents
|
means the marketing presentation in
relation to the Fundraising and the announcements in relation to
the Fundraising.
|
Placing Shares
|
has the meaning given to it in the
main body of this Announcement.
|
Placing Supplement Agreement
|
means the placing supplement
agreement as may be executed by the Company and the
Bookrunner.
|
Professional Investor
|
has the meaning given to it in
Appendix 1 of this Announcement.
|
Prospectus Regulation
|
means the Prospectus Regulation (EU)
2017/1129.
|
Regulations
|
has the meaning given to it in
Appendix 1 of this Announcement.
|
Regulation S
|
means Regulation S promulgated under
the US Securities Act.
|
Regulatory Information Service
|
means a primary information provider
that has been approved by the FCA to disseminate regulated
information.
|
Relevant Persons
|
has the meaning given to in Appendix
1 of this Announcement.
|
Resolutions
|
the resolutions to be proposed at a
general meeting of the Company authorising the Company to allot the
Broker Option Shares and attached Warrants and to disapply
pre-emption rights in respect of such allotment.
|
Restricted Territory
|
means the United States, Australia,
Canada, New Zealand, the Republic of South Africa or
Japan.
|
Second Admission
|
In the event that the Broker Option
is exercised, admission of the Broker Option Shares to trading on
AIM becoming effective in accordance with Rule 6 of the AIM
Rules.
|
subsidiary
|
has the meaning given to that term
in the Companies Act 2006.
|
subsidiary undertaking
|
has the meaning given to that term
in the Companies Act 2006.
|
Target Market Assessment
|
has the meaning given to it in the
main body of this Announcement.
|
Terms and Conditions
|
means the terms and conditions of
the Fundraising set out in Appendix I to this
Announcement.
|
transfer taxes
|
means stamp duty or stamp duty
reserve tax or any other similar duties or taxes.
|
uncertificated or in uncertificated form
|
means in respect of a share or other
security, where that share or other security is recorded on the
relevant register of the share or security concerned as being held
in uncertificated form in CREST and title to which may be
transferred by means of CREST.
|
UK
Prospectus Regulation
|
means Prospectus Regulation (EU)
2017/1129 as it forms part of domestic law by virtue of the
European Union (Withdrawal) Act 2018.
|
UK
Qualified Investor
|
means qualified investors as defined
in Article 2(e) of the UK Prospectus Regulation.
|
United Kingdom or UK
|
means the United Kingdom of Great
Britain and Northern Ireland.
|
US
Securities Act
|
means the U.S. Securities Act of
1933, as amended.
|
Warrants
|
means the warrants issued in connection with
the Fundraising, giving the holder the right to subscribe for one
new Ordinary Share per warrant at a price of 11 pence at any time
from one year after the date of grant until up to and including the
date which is 4 years from the date of grant.
|
Wholesale Investor
|
has the meaning given to it in
Appendix 1 of this Announcement.
|
|
|
|
|
Unless otherwise indicated in this
Announcement, all references to "£", "GBP", "pounds", "pound sterling", "sterling", "p", "penny" or "pence" are to the lawful currency of
the UK. All references to "U.S.$","$" or "dollars" are to the lawful currency of
the United States of America.