Placing and Subscription
Completed £400,000 placing and subscription at 4.25p per share, raising 9.4m shares including director participation.
- Funds raised £400,000
- Placing Price 4.25 pence per share
- New Ordinary Shares issued 9,411,762
- Placing amount £310,000
- Subscription amount £90,000
- Total Ordinary Shares after Admission 195,440,406
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EnergyPathways (AIM: EPP), an integrated energy transition company, is pleased to announce that it has completed a placing and subscription to raise a total of £400,000 for the Company ("Fundraise").
The Fundraise comprises i) a placing of £310,000 ("Placing") from a new investor and ii) a subscription of £90,000 ("Subscription") from directors and management, raising an aggregate amount of £400,000 at a price of 4.25 pence per share ("Placing Price") resulting in the issuance of a total of 9,411,762 new ordinary shares ("New Ordinary Shares"). Investors in the Fundraise will receive one warrant per Ordinary Share. The warrants have an exercise price of 7 pence and will expire 2 years after the date of admission of the New Ordinary Shares to trading on AIM.
The Company's joint broker, SP Angel Corporate Finance LLP, will be issued warrants over 364,705 new ordinary shares in the Company. The warrants will be exercisable for a period of 3 years from the date of Admission with an exercise price of 4.25p per new ordinary share ("Broker Warrants").
The Directors' participation in the Fundraise is set out below:
| Director | Total number of ordinary shares purchased | Number of ordinary shares held following the purchase | % of enlarged issued share capital of the Company | Total number of warrants granted |
|---|---|---|---|---|
| Ben Clube* | 729,411 | 11,402,646 | 5.83% | 729,411 |
| Graeme Marks | 117,647 | 6,814,871 | 3.49% | 117,647 |
| Max Williams | 417,647 | 417,647 | 0.21% | 417,647 |
| Horacio Carvalho** | 588,235 | 768,740 | 0.39% | 588,235 |
* Ben Clube holds his shares indirectly through Painkalac Holdings Pty Ltd ATF Lighthouse Trust and Flax Lily Super Superannuation Fund.
** Horacio Carvalho holds his shares indirectly through Quest JFM Investments Ltd and Climate Change Ventures Limited
The proceeds from the Fundraise will provide additional working capital. The Company is continuing with active discussions with a strategic investor to provide significant additional funding on attractive terms.
The Fundraise is conditional on the New Ordinary Shares, which will be issued credited as fully paid and will rank pari passu in all respects with the existing ordinary shares, being admitted to trading on AIM ("Admission"). Admission of the New Ordinary Shares is expected to occur on or around 4 August 2025.
Total voting rights
Immediately following Admission, the Company will have 195,440,406 Ordinary Shares in issue. Accordingly, the total number of Ordinary Shares in the Company with voting rights will be 195,440,406. This figure may be used by shareholders in the Company as denominator for the calculations by which they may determine if they are required to notify their interest in, or a change to their interest in, the Company under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.
Related Party Transaction
Participation in the Subscription by directors of the Company, constitutes a related party transaction ("Transaction") pursuant to the AIM Rules for Companies. Mark Steeves, who is not participating in the subscription, having consulted with the Company's nominated adviser, Cairn Financial Advisers LLP, considers that the terms of the Transaction are fair and reasonable insofar as the Company's shareholders are concerned.
Commenting on the Placing, CEO Ben Clube said:
" We are pleased to have completed this fundraise to bring in a select new long-term investor into the Company. Besides further strengthening the Company's register, it is further recognition of the significant value potential of the Company. The funds provide the Company with near-term working capital as we progress through pre-FEED. Once again, Directors and management have participated in the fundraise, demonstrating our alignment with our shareholders. EnergyPathways is well placed to progress the various workstreams that are ongoing regarding our MESH Project."
The Directors of the Company are responsible for the contents of this announcement.
Engage with us by asking questions, watching video summaries and seeing what other shareholders have to say. Navigate to our Interactive Investor website here: https://energypathways.uk/link/weYlqy
| Investor questions on this announcement We encourage all investors to share questions on this announcement via our investor hub | https://energypathways.uk/link/weYlqy | |
| EnergyPathways Ben Clube / Max Williams | Tel: +44 (0)207 466 5000, c/o Buchanan (Financial PR) Email : info@energypathways.uk | |
| Cairn Financial Advisers LLP (Nominated Adviser) Jo Turner / Louise O'Driscoll / Sandy Jamieson | Tel: +44 (0)20 7213 0880 | |
| SP Angel Corporate Finance LLP (Broker) Richard Hail / Adam Cowl | Tel: +44 (0)20 3470 0470 | |
| Global Investment Strategy UK Limited (Joint Broker) Callum Hill / James Sheehan | Tel: +44 (0)20 7048 9000 | |
| Subscribe to our news alert service: energypathways.uk/auth/signup | ||
| 2 | Reason for notification | |
| a. | Position/Status | Directors |
| b. | Initial notification/ Amendment | Initial notification |
| a. | Name | EnergyPathways plc |
| b. | LEI | 2138003CPOJCTT86BY54 |
| a. | Description of the financial instrument, type of instrument Identification Code | Ordinary shares of £0.01 each GB00BM9M0884 |
| b. | Nature of the transaction | Purchase of Ordinary shares of £0.01 each |
| c. | Price(s) and volume(s) | |
| Price(s) | Volume(s) | |
| 4.25 pence | Mr Clube: 729,411 Mr Marks: 117,647 Mr Williams: 416,647 Mr Carvalho: 588,235 | |
| d. | Aggregated information | 1,852,940 shares at 4.25 pence per share |
| f. | Place of the transaction | London, UK |
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.