AFC Energy Raises GBP1 Million For Commercial Deployment of Larger Hydrogen Fuel Cell EV Charger System

By January 23, 2020

January 23, 2020

Placing of 5,882,353 Ordinary Shares to raise £1,000,000

AFC Energy (AIM: AFC), a leading provider of hydrogen power generation technologies, is pleased to announce it has raised £1,000,000 before expenses by way of a placing of 5,882,353 ordinary shares of 0.1 pence each (“Ordinary Shares”) at 17 pence per Ordinary Share (the “Issue Price”) (the “Placing Shares”) (the “Placing”).

Following the successful subscription announced to the market on 20th January 2020, an expression of interest was received by AFC Energy for a further £1,000,000 investment yesterday, on similar terms, from a London institutional investor who attended the Company’s EV Charging launch event in December 2019.

The funds raised will be used alongside those raised earlier in the week to further preparations for commercial deployment of the EV charger system later this year.    

The Issue Price represents a discount of 14.1 per cent to the closing price of 19.8 pence on 21 January 2020. The Placing is not being underwritten and is conditional on admission of the Placing Shares to trading on AIM. The Placing is being conducted pursuant to the existing authorities granted to the Directors of the Company at its annual general meeting on 30 April 2019. The Placing Shares represent approximately 1.3 per cent. of the Company’s issued share capital as enlarged by the Placing Shares.

Application has been made to the London Stock Exchange for the Placing Shares to be admitted to trading on AIM (“Admission”) and it is expected that such Admission will occur at 8.00 a.m. on 28 January 2020. The Placing Shares will be issued credited as fully paid and will rank in full for all dividends and other distributions declared, made or paid after the admission of the Placing Shares, respectively and will otherwise be identical to and rank on Admission pari passu in all respects with the existing Ordinary Shares. The Placing Shares are not being made available to the public and are not being offered or sold into any jurisdiction where it would be unlawful to do so.

Following Admission, the Company will have 462,352,496 Ordinary Shares in issue, none of which will be held in treasury.  Accordingly, the total number of voting rights in the Company will be 462,352,496 and shareholders may use this figure as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA’s Disclosure Guidance and Transparency Rules.  

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