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RNS Number : 1095T Invinity Energy Systems PLC 15 March 2023
The information contained within this Announcement is deemed by Invinity
Energy Systems plc to constitute inside information as stipulated under the
Market Abuse Regulation (EU) No. 596/2014 as it forms part of UK law by virtue
of the European Union (Withdrawal) Act 2018 ("MAR").
15 March 2023
Invinity Energy Systems plc
("Invinity" or the "Company")
Results of Open Offer and General Meeting, Completion of Subscription and
Total Voting Rights
Invinity Energy Systems plc (AIM: IES) (AQSE: IES) (OTCQX: IESVF), a leading
global manufacturer of utility-grade energy storage, is pleased to announce
the results of the Open Offer, which closed for acceptances at 11.00 a.m. on
14 March 2023. The Company has received valid acceptances from Qualifying
Shareholders in respect of 4,825,092 Open Offer Shares, representing
approximately 38.5 per cent. of the 12,528,355 New Ordinary Shares available
under the Open Offer, therefore raising an additional £1.5 million of
proceeds for the Company.
The Company is also pleased to confirm that the Subscription with a strategic
investor for 7,812,500 new Ordinary Shares, raising £2.5 million, as
announced in conjunction with the Placing and Open Offer on 22 February 2023,
has now completed.
The Company has therefore raised, in aggregate, gross proceeds of
approximately £23 million through the Placing, Subscription and Open Offer.
The Board also announces that all resolutions were passed at the Company's
General Meeting, held earlier today. The result of the poll voting (including
all proxies) is detailed below.
RESOLUTION VOTES FOR* VOTES AGAINST WITHHELD
Number of votes % Number of votes Number of votes
1 To allot the Placing Shares and Open Offer Shares as if the pre-emption 60,445,079 97.16% 1,766,311 63,987
provisions in the Articles did not apply
2 To allot the Subscription Shares as if the pre-emption provisions in the 60,441,265 97.15% 1,770,125 63,987
articles did not apply
*Any proxy appointments, which gave discretion to the Chairman, have been
included in the 'For' votes total.
Admission and Total Voting Rights
All conditions of the Fundraising set out in the Company's announcement of 23
February 2023 have now been met. Applications have been made to the London
Stock Exchange and to the Aquis Stock Exchange for 4,825,092 Open Offer
Shares, together with 59,375,000 Placing Shares, and 7,812,500 Subscription
Shares to be admitted to trading on AIM and AQSE on 16 March 2023.
Following Admission, the Company will have 191,031,971 Ordinary Shares in
issue. No Ordinary Shares are held in treasury. The total number of voting
rights in the Company is therefore 191,031,971. The above figure may be used
by shareholders in the Company 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 share capital of the Company under the
FCA's Disclosure Guidance and Transparency Rules.
Other than where defined, capitalised terms in this announcement have the
meanings given to them in the Announcement released by the Company at 5.00
p.m. (London time) on 22 February 2023.
Neil O'Brien, Non-executive Chairman at Invinity, said:
"We are delighted that new and existing shareholders, as well as our new
strategic partner, Everbrite, have given us this vote of confidence as we
enter a critical phase in our journey. With the Riverfort facility being
repaid out of existing funds, the completion of our fundraising represents a
significant inflow of new capital into the Company. This puts Invinity in a
very strong position to grow the scope and scale of our activities in the
years to come."
Enquiries:
Invinity Energy Systems plc +44 (0)20 4551 0361
Jonathan Marren, Chief Development Officer and Interim CFO
Joe Worthington, Director of Communications
Canaccord Genuity (Nominated Adviser and Joint Broker) +44 (0)20 7523 8000
Henry Fitzgerald-O'Connor / Harry Pardoe / Gordon Hamilton
VSA Capital (Financial Adviser and Joint Broker) +44 (0)20 3005 5000
Andrew Monk / Simon Barton
Notes to Editors
Invinity Energy Systems plc (AIM: IES) (AQSE: IES) (OTCQX: IESVF) manufactures
vanadium flow batteries for large-scale, high-throughput energy storage
requirements of business, industry and electrical networks.
Invinity's factory-built flow batteries run continually with no degradation
for over 25 years, making them suitable for the most demanding applications in
renewable energy production. Energy storage systems based on Invinity's
batteries are safe, reliable, and economical, and range in size from less than
250 kilowatt-hours to tens of megawatt-hours.
Invinity was created in April 2020 through the merger of two flow battery
industry leaders: redT energy plc and Avalon Battery Corporation. With over 65
MWh of systems already deployed or contracted for delivery across over 70
sites in 15 countries, Invinity is active in all major global energy storage
markets and has operations in the UK, Canada, USA, China and Australia.
Invinity Energy Systems plc is listed in the UK on AIM and AQSE and trades in
the USA on OTCQX.
To find out more, visit invinity.com (https://invinity.com/?utm_source=rns) or
call Investor Relations on +44 (0)204 551 0361.
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