9th Jun 2008 07:01
|
9 June 2008 |
Nviro Cleantech plc
("Nviro" or "the Company")
Placing and Notice of EGM
Nviro Cleantech plc (AIM:NVR), a leader in commercialising clean technologies, is pleased to announce that it has conditionally placed 22,222,223 New Ordinary Shares of 0.1 pence each in the Company (the "Placing") at a placing price of 45 pence per New Ordinary Share to raise £10 million.
The Placing is conditional, inter alia, on the passing of an appropriate resolution at the Company's Extraordinary General Meeting to be held on 2 July 2008, the New Ordinary Shares are expected to be admitted to trading on AIM on 8 July 2008. The New Ordinary Shares to be issued pursuant to the Placing will rank pari passu with the existing ordinary shares of 0.1 pence in the Company.
The gross proceeds of the Placing are £10 million, which will be used as follows:
|
£ million |
|
|
To fund capital expenditure and further commercial development of Nviro's Vertus RTP units |
8.0 |
|
Continued development of Nviro's portfolio of technologies |
1.0 |
|
General working capital |
0.4 |
|
Total (Net proceeds) |
9.4 |
Following the Admission of the New Ordinary Shares to trading on AIM there will be 66,043,184 Ordinary Shares in issue.
Placing statistics:
|
Placing Price per New Ordinary Share |
45 pence |
|
Number of New Ordinary Shares being issued pursuant to the Placing |
22,222,223 |
|
Number of Ordinary Shares in issue following the Placing |
66,043,184 |
|
Gross proceeds of the Placing |
£10 million |
Notice of EGM
A circular and accompanying letter will be sent to shareholders today providing information about the Placing and convening an extraordinary general meeting ("EGM") of shareholders. The EGM will be held at 11am on 2 July 2008 at Burleigh Manor, Peel Road, Douglas, Isle of Man, IM1 5EP. A copy of the circular and accompanying letter to shareholders will be available to download from the Company's website www.nvirocleantech.com
Commenting on the placing, CEO Chris Every, said: "We are delighted with the Company's progress since the AIM listing last August, in particular with our Vertus clean coal subsidiary which has signed significant agreements in the USA, China and India. This Placing will help us to accelerate the commercialisation and roll-out of Vertus worldwide. We look forward to further exploiting the vast global market opportunities in clean coal and biomass."
- Ends -
For further information:
|
Nviro Cleantech plc |
Tel: +44 (0) 20 7451 2473 www.nvirocleantech.com |
|
Chris Every, Chief Executive Officer |
|
Grant Thornton Corporate Finance - Nominated Adviser |
Tel: +44 (0) 20 7383 5100 |
|
Fiona Owen |
|
|
Troy MacDonald |
|
Fairfax I.S. PLC Broker |
Tel: +44 (0) 20 7598 5368 www.fairfaxplc.com |
|
Ewan Leggat |
Media enquiries:
|
Abchurch Communications Limited |
www.abchurch-group.com |
|
Justin Heath / Monique Tsang |
Tel: +44 (0) 20 7398 7712 |
Related Shares:
HAYT.L