Client NewsAdalan Ventures Plc – Issue of Equity
Adalan Ventures plc (the ‘Company’ or ‘Adalan’), announces it has completed (subject to certain conditions) a fundraise of £206,000 (gross) (the “Fundraise”). The equity issues is being undertaken through the issue of 5,150,000 ordinary shares (the “Fundraise Shares”) at a price of 4 pence per ordinary share (“Issue Price”) representing a discount of approximately 11% to the closing mid price of the ordinary shares on 10 November 2023 (being the trading prior to the closing of this transaction).
The Fundraise has been undertaken by way of a placing of and subscription for new ordinary shares (“Placing”) of £0.01 par value (“Ordinary Shares”) in the share capital of the Company. The Fundraise is to provide working capital.
The Fundraise has been undertaken by means of the Placing arranged by Optiva pursuant to which, the Company will issue 2,500,000 ordinary shares at a price at the Issue Price, and a direct subscription for 2,650,000.
Following Admission of the Fundraising Shares, which is expected to occur at 8.00 am on the 16th November 2023, the total number of Ordinary Shares in the Company will be 51,347,500. This figure may be used by shareholders 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 and Transparency Rules.
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