Global Energy Ventures (GEV) has obtained commitments to raise $6,300,000 via share 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 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.
“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.”Maurice Brand executive chairman GEV.
PAC Partners and KG Capital acted as Joint Lead Managers to the Placement and will receive a 6% fee on the total amount raised.