Global Energy Ventures Ltd, the developer of compressed marine solutions for gas (CNG) and hydrogen (C-H2) announced that it has successfully obtained commitments to raise $6,300,000 (before costs) via share placement (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 shares will be issued as follows:
- Pursuant to the Company’s Listing Rule 7.1 Capacity 58,046,733
- Pursuant to the Company’s Listing Rule 7.1A Capacity 4,953,267
- Total Shares to be issued 63,000,000
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.
Maurice Brand, GEV Executive Chairman said:
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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.”
COMPLETION OF $6.3 MILLION PLACEMENT, 17 FEBRUARY 2021
