Subscription to raise £0.5m
Forgent plc has successfully raised £500,000 before expenses through a direct subscription with an existing shareholder, issuing 4,166,666,667 new ordinary shares at 0.012 pence each, a price representing a 9% premium to the previous day's closing bid. The subscription also includes the issuance of 2,083,333,333 warrants exercisable at 0.020p for two years. The net proceeds of approximately £447,500 will be allocated to operational and general working capital. Following admission of the new shares, expected by October 20, 2026, the company's total issued share capital will be 48,582,685,000 shares.
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Forgent plc (AIM: FORG), the Australian-focused critical and precious minerals explorer, announces that it has raised £500,000 (before expenses) by way of a direct subscription (the "Subscription") with an existing high net worth shareholder for 4,166,666,667 new ordinary shares ("Shares") at a price of 0.012 pence per new Share (the "Issue Price"). The Issue Price represents a premium of approximately 9 per cent. to the closing bid price on 29 September 2026.
The subscriber shall, for every two new Shares subscribed in the Subscription, receive one warrant ("Warrant"), exercisable at 0.020p per ordinary share for a period of two years from Admission (as defined below). As a result, 2,083,333,333 Warrants will be issued.
The net proceeds of c. £447.5k will be used for operational and general working capital purposes. The new Shares are being issued under existing shareholder authorities.
Admission and Total Voting Rights
The new Shares will be issued as fully paid and will rank pari passu in all respects with the existing Shares of the Company. Application will be made to the London Stock Exchange for the new Shares to be admitted to trading on AIM ("Admission"), with Admission to become effective on AIM by no later than 8:00 a.m. on 20 October 2026. A further announcement in connection with Admission will be made in due course.
Following Admission, the Company's issued share capital will comprise 48,582,685,000 Shares, with no shares held in treasury. Upon Admission, this number may be used by shareholders as the denominator for the calculation by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure Guidance and Transparency Rules.
James Parsons, Chief Executive Officer of Forgent, commented:
"We are pleased to have secured additional capital from an existing high-net-worth shareholder at a premium to the prevailing price. The funds raised will further strengthen our working capital position as we continue to advance our Western Australian portfolio. This additional capital provides us with an extended funding runway, and we would like to thank shareholders for their continued support."
For further information on Forgent plc, visit the Company’s website www.forgentplc.com or contact:
LinkedIn: linkedin.com/company/forgentplc/
X: X.com/forgentplc
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.