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- Global Energy Ventures (GEV) receives firm commitments to raise $10 million via a share placement
- A total of 80 million fully-paid ordinary shares will now be issued to sophisticated, institutional and professional investors at 12.5 cents
- GEV will also be undertaking a non-underwritten share purchase plan to raise up to an extra $2 million
- The company is using the money to fund the Tiwi Green Hydrogen project and ongoing engineering and approvals for the pilot compressed hydrogen ship
- Shares in GEV are down 6.45 per cent and are trading at 14.5 cents
Global Energy Ventures (GEV) has received firm commitments to raise $10 million via a share placement.
The company entered a trading halt on November 9 but did not disclose how much it intended to raise or how it would spend the funds.
A total of 80 million new fully-paid ordinary shares will now be issued to sophisticated, institutional and professional investors at 12.5 cents.
This price represents a 10.5 per cent discount to the 15-day volume-weighted average price of 14 cents and a two per cent premium to the 30-day volume-weighted average price of 12.2 cents.
Canaccord Genuity acted as Lead Manager and Bookrunner while Evolution Capital acted as Co-Manager.
GEV will also be undertaking a non-underwritten share purchase plan (SPP) to raise up to $2 million.
Eligible shareholders will be able to subscribe for up to $30,000 worth of shares without incurring any brokerage or transaction costs.
The SPP will open on November 22, close on December 6 with shares to settle on December 13 and begin trading on the ASX on December 14.
GEV will use the money from both the placement and SPP to fund the Tiwi Green Hydrogen project and ongoing engineering and approvals for the pilot compressed hydrogen ship.
CEO and Managing Director Martin Carolan went into further detail about what the money will be used for.
“The company’s launch into the upstream green hydrogen production with the Tiwi Green Hydrogen Project provides a unique investment opportunity as the company positions compression as a first-mover advantage into the production, storage and transport of hydrogen,” Mr Carolan commented.
“The capital raising will accelerate the development of the Tiwi Green Green Hydrogen Project while also supporting our ongoing engineering, approvals and commercialisation for our proprietary ship design.”
Shares in GEV were down 6.45 per cent and were trading at 14.5 cents at 1:25 pm AEDT.
