REG - GSTechnologies Ltd - Placing and Subscription to raise £1.33 million

GSTechnologiesAnnouncement

11/01/2022 07:05

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RNS Number : 9982X  GSTechnologies Ltd  11 January 2022

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This announcement contains inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 which forms part of UK law by virtue of the
European Union (Withdrawal) Act 2018 ("MAR").

 

11 January 2022

 

GSTechnologies Limited

("GST" or the "Company" or the "Group")

Placing and Subscription to raise £1.33 million

Appointment of Broker

GSTechnologies Limited (LSE: GST), the fintech and information technology
solutions company, is pleased to announce that the Company has raised gross
proceeds of £1,335,100 through a placing (the "Placing") of 40,476,190 shares
and a subscription for 23,100,000 shares (the "Subscription") of no par value
in the Company ("Fundraising Shares") at a price of 2.10 pence per share.

The issue of the Fundraising Shares is within the Company's existing allotment
authorities.  The Fund Raising Shares equate to approximately 4.3% of the
Company's currently issued share capital.  In addition, participants in the
Placing and the Subscription have been issued with one warrant for every five
Fundraising Shares exercisable at 2.10 pence per share at any time up to one
year from Admission, as defined below.

The funds raised from the Placing and the Subscription will be principally
used to accelerate the implementation of the Group's strategy, in particular
covering planned sales and marketing costs, and the costs of further
development and implementation of the Wise MPay technology, including in
relation to the acquisition of Angra Limited, which remains subject to FCA
approval.

Further announcements will be made by the Company as appropriate.

Appointment of Broker

The Company is pleased to announce the appointment of Monecor (London) Ltd,
trading as ETX Capital, as the Company's Broker with immediate effect.  The
Placing was arranged by ETX Capital.

Tone Goh, Chairman of GST, commented: "I am pleased that we are able to
announce this successful fundraising, again at a higher price than our
previous raise, to provide further funds for our development.  I look forward
to providing further updates in due course, including in relation to the FCA
approval of the Angra acquisition, as we seek to rapidly build a blockchain
enabled neobanking business."

Admission and Total Voting Rights

The Placing and the Subscription have been conducted utilising the Company's
existing share authorities.  The Fundraising Shares will rank pari passu in
all respects with the existing shares.  The Placing is conditional, inter
alia, on there being no breach of the obligations under the Placing Agreement
entered into between Monecor (London) Ltd (trading as ETX Capital) and the
Company prior to Admission, and admission of the Fundraising Shares to trading
on the Main Market of the London Stock Exchange ("Admission") becoming
effective.  Application will be made to the London Stock Exchange for the
Fundraising Shares to be admitted to trading on the Main Market of the London
Stock Exchange and the Standard Segment of the FCA Official List.  It is
expected that Admission will become effective and that dealings in the
Fundraising Shares on the Main Market of the London Stock Exchange will
commence on or around 17 January 2022.

On Admission, the Company will have 1,548,558,192 shares in issue, each with
one voting right.  There are no shares held in treasury. Therefore, the
Company's total number of shares and voting rights will be 1,548,558,192 and
this figure may be used by shareholders from Admission as the denominator for
the calculations by which they will determine if they are required to notify
their interest in, or a change to their interest in, the Company under the
FCA's Disclosure Guidance and Transparency Rules.

Enquiries:

 The Company
 Tone Goh, Executive Chairman                          +65 6444 2988
 Financial Adviser
 VSA Capital Limited                                   +44 (0)20 3005 5000
 Simon Barton / Pascal Wiese
 Broker
 ETX Capital                                           +44 (0)20 7392 1400
 Tom Curran / Thomas Smith
 Financial PR & Investor Relations
 IFC Advisory Limited                                  +44 20 (0) 3934 6630

 Tim Metcalfe / Graham Herring / Florence Chandler

For more information please see: https://gstechnologies.co.uk/
(https://gstechnologies.co.uk/)

 

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