- GEV successfully raises $6.3 million via a share placement.
- Placement received strong support from new institutional and sophisticated investors.
- Proceeds to accelerate the development of the C-H2 compressed hydrogen supply chain.
Global Energy Ventures Ltd (ASX: GEV, the Company) the developer of compressed marine solutions for gas (CNG) and hydrogen (C-H2) is pleased to announce that it has successfully obtained commitments to raise $6,300,000 (before costs) via share placement (Placement) to institutional and sophisticated investors.
The Placement is way of the issue of 63,000,000 fully paid ordinary shares at $0.10 per share raising a total of $6,300,000 to new and existing institutional and sophisticated investors.
The shares will be issued as follows:
- Pursuant to the Company’s Listing Rule 7.1 Capacity 58,046,733
- Pursuant to the Company’s Listing Rule 7.1A Capacity 4,953,267
- Total Shares to be issued 63,000,000
The issue price of the shares under the Placement represents a 20% discount to the last traded price of $0.125 per share and an 18.2% discount to the 15-day volume weighted average price of $0.123. Proceeds of the Placement will be used for CNG Optimum business development, development of the C-H2 compressed hydrogen supply chain, offer costs and ongoing working capital.
Maurice Brand, GEV Executive Chairman said: “The GEV Board is delighted by the significant support received predominantly from new institutional investors along with continued support from existing institutional investors. The Company is now comfortably funded to continue with business development opportunities for CNG Optimum and to support an accelerated development program for the new C-H2 supply chain and ship for the hydrogen economy which continues to receive global interest in the application of compression for both onshore and offshore loading and export applications for hydrogen.”
ABOUT GLOBAL ENERGY VENTURES LTD
Global Energy Ventures Ltd was founded in late 2016, with the Company’s mission to create shareholder value through the delivery of integrated compressed shipping solutions transporting energy to regional markets. The business model is to build, own and operate integrated energy transport projects for either natural gas or hydrogen.
The primary focus is the development of integrated Compressed Natural Gas (CNG) marine transport solutions with the Company’s construction ready CNG Optimum ship. CNG is a well proven gas transport solution with design and commercial advantages along with being safe and a ‘lower emission’ solution for the transport of gas than in the form of liquified natural gas (LNG).
With the world’s focus on Energy Transition to zero-carbon fuels, the Company has also introduced the world’s first large-scale Compressed H2 Ship (C-H2 Ship) design that will support the transport of hydrogen as a green energy fuel of the future. Hydrogen’s role in the future energy mix will greatly assist governments and corporations with their respective ‘net-zero carbon’ targets through the decarbonisation of heavy emitting industries.
Value creation for shareholders will be achieved by:
- Continue to maintain global leadership in marine pressure vessel designs and intellectual property.
- Pursue a portfolio of CNG Optimum projects to improve and mitigate against binary outcomes and offer CNG project stakeholders’ flexible commercial arrangements.
- Advance the future transport of green energy through the development of the C-H2 Ship.
- Employ world class management and staff that are leaders in their chosen discipline.
- Maintain the highest standards of efficiency, safety and environmental responsibility.