REG - GSTechnologies Ltd - Placing to raise £847,000

GSTechnologiesAnnouncement

14/11/2023 13:30

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RNS Number : 4251T  GSTechnologies Ltd  14 November 2023

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European Union (Withdrawal) Act 2018 ("MAR").

 

14 November 2023

 

GSTechnologies Limited

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

Placing to raise £847,000

Corporate Update

GSTechnologies Limited (LSE: GST), the fintech company, announces that the
Company has raised gross proceeds of £847,000 through a placing (the
"Placing") of 77,000,000 shares of no par value in the Company ("Ordinary
Shares") at a price of 1.10 pence per share (the "Placing Shares").  The
Placing Shares equate to approximately 4.2% of the Company's currently issued
share capital.

The funds raised from the Placing will be principally used to accelerate the
implementation of the Group's GS Money strategy, including potentially via
further acquisitions.  Further announcements will be made by the Company in
due course as appropriate.

CMC Markets UK Plc ("CMC Markets"), acted as the Company's sole placing agent
in respect of the Placing.  Brokers wishing to offer their customers access
to future CMC Markets transactions, should register their interest
here: https://www.cmcmarkets.com/en-gb/capx
(https://www.cmcmarkets.com/en-gb/capx) .

Corporate Update

GST continues to focus on the development and roll-out of its innovative GS
Money solutions from the Group's GS20 Exchange and Angra Global businesses.

Following the Company's soft launch of its GS20 Exchange in November 2022, the
soft launch has been successful and the development of the GS20 Exchange has
progressed in accordance with GST's expectations, with a wider roll-out now
being undertaken.  There has been a progressive build-up of signed-up users,
and the Company are greatly encouraged by the market traction the GS20
Exchange is enjoying.  The GS20 Exchange is generating revenue for the
Company via trading commissions at varying levels depending on the type and
size of transaction undertaken.

Angra Global, which was created following the acquisition of PAYPT Finance
Ltd, in Canada, in August 2023, and its merger with the Group's existing Angra
business based in London, has been onboarding new customers and is trading in
line with the Board's expectations.  A proportion of the Placing proceeds
will be utilised to progress Angra Global's cryptoasset wallet development and
enhancements to its white label e-wallet solution.

Admission and Total Voting Rights

The Placing has been conducted utilising the Company's existing share
authorities.  The Placing 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
CMC Markets and the Company prior to Admission, and admission of the Placing
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 Placing 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 Placing Shares on the Main Market of the London Stock Exchange
will commence on or around 27 November 2023.

On Admission, the Company's issued share capital will consist of 1,915,222,277
Ordinary Shares, each with one voting right.  There are 60,000,000 Ordinary
Shares held in treasury. Therefore, the Company's total number of Ordinary
Shares and voting rights will be 1,855,222,277 and this figure may be used by
shareholders following 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 / Thomas Jackson
 Broker
 CMC Markets                                             +44 (0)20 3003 8632
 Douglas Crippen
 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/)

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

 

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