Velocys, the developer of the Green Jet Fuel Refinery, aims to raise £ 25 million in new equity issuance to accelerate the delivery of its technology.
A proposal for conditional placement with institutional investors has been announced to enable the company to grow with a view to achieving positive cash flow by 2024.
It will be used to fund the progress of both the proposed Altalto Immingham plant and Bayou Fuels, Mississippi, “until securing external investment in the detailed engineering phase.”
We will also use the revenue as a partial payment to ensure control of the site with planned consent at Stallingborough’s Southhamber Bank. We also plan to secure general working capital needs for the next two years and funding for the back process. Warranty to clients and equipment warranty.
The accelerated bookbuilding process began at the close of trading on Thursday, November 25, with a price per share of 8p. This is an 8.6 percent discount from Wednesday’s mid-market price of 8.75p.
The release of 25 million public offer shares to eligible shareholders will require an additional £ 2m, subject to a successful closure.
Financing is subject to a resolution being passed at next month’s meeting.
Come after securing Off-take contract for full capacity of US factory Early this month.
Velocys launched £ 25m in funding to secure future cash flow
Source link Velocys launched £ 25m in funding to secure future cash flow