27th May 2016 16:27
LONDON (Alliance News) - Velocys PLC said Friday it has issued a further 37,324 shares to the vendors of Pinto Energy LLC and the Ashtabula gas-to-liquid project as part of the consideration the 2014 acquisition of Pinto and its subsidiaries.
A further 4,320 shares remain to be issued under the terms of the deal.
Velocys agreed to buy Pinto in June 2014 for an initial consideration of 955,977 shares in Velocys and a further sum of 1.1 million shares at the successful financial close of its gas-to-liquid project in Ohio. The deal also included five-year warrants over up to USD750,000 worth of shares, to be granted for each additional project in the Pinto Energy pipeline that achieved financial close by the end of 2015.
Shares in Velocys closed down 0.4% at 35.50 pence Friday.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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