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