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£25m fundraise launched by Velocys as it looks to secure future cash flows

Green jet gasoline refinery developer Velocys is aiming to elevate £25 million with a brand new share subject to speed up supply of its know-how.

A proposed conditional putting with institutional buyers has been introduced, to allow the corporate to scale development with a view to reaching constructive cash flows by 2024.

It might be used to fund the advance of each its proposed crops, Altalto Immingham and Bayou Fuels in Mississippi, taking them “to the point of securing external investment into the detailed engineering stage”.

Read extra: First important revenues pour in for inexperienced jet gasoline refinery developer Velocys

It additionally plans to use proceeds as part-payment to secure management of the location it has planning consent for on the South Humber Bank at Stallingborough, as nicely as common working capital wants over the subsequent two years and the setting apart of funds to again course of ensures and tools warranties to shoppers.

An accelerated bookbuilding course of started on the shut of buying and selling on Thursday, November 25, with a putting value of 8p per share – a reduction of 8.6 per cent on the closing mid-market value of 8.75p on Wednesday.

Subject to a profitable closure, an extra £2 million might be sought with the discharge of 25 million open offershares to eligible shareholders.

The fundraising is conditional on resolutions being handed at a gathering subsequent month.

It comes after it secured offtake agreements for the complete capability of the US plant earlier this month.

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Sunday, November 28, 2021

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