Further Subscription for New Shares
11/12/2024 07:00
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RNS Number : 5902P SulNOx Group PLC 11 December 2024
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF REGULATION
11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS 2019/310
11 December 2024
SulNOx Group Plc (the "Company" or "SulNOx")
Further Subscription for New Shares
Update on Exercise of Warrants
Holdings in the Company
(Aquis Stock Exchange: SNOX)
Subscription for New Shares
The board of directors of the Company (the "Board") is pleased to announce
that it has raised a further £300,000 from certain existing shareholders,
including an institutional investor, and new investors (the "Investors").
The Investors have agreed to subscribe for a total of 571,428 new ordinary
shares of 2 pence each ("Ordinary Shares") at a price of 52.5 pence per
Ordinary Share (representing a discount of 11.5% to the average closing price
of the Ordinary Shares for the 5 trading days up to and including 6 December
2024 of 59.3p) (the "Subscription").
Under the Subscription, the Investors will also receive warrants to subscribe
for further Ordinary Shares at a price of 66.1 pence per Ordinary Share (the
"Warrants"). The Investors will receive 1 Warrant for every 2.5 new Ordinary
Shares subscribed. A total of 228,569 Warrants will be issued. The Board
will seek new allotment authorities relating to the Warrants at the Company's
2025 annual general meeting, with the Warrant holders having 3 years from the
date that the new authorities are granted to exercise the Warrants. Should
new allotment authorities not be granted at the Company's 2025 annual general
meeting, such authorities will be sought at the 2026 and 2027 meetings.
The proceeds from the Subscription will be utilised for the working capital
requirements of the Company.
Among the investors under the Subscription is the Unicorn AIM VCT plc
("Unicorn"), which has been a significant shareholder in the Company since
July 2021. Unicorn has subscribed for 285,714 new Ordinary Shares.
The new Ordinary Shares will be allotted under the Company's existing unspent
share issue authorities and are expected to be admitted to trading on the AQSE
Growth Market on 17 December 2024 ("Admission").
Update on Exercise of Warrants
The Board is pleased to announce that further to the announcement of 3
December 2024, the completed documentation and payment have been received for
the exercise 1,159,420 warrants at an exercise price of 29 pence per Ordinary
Share of 2 pence each.
Holdings in the Company
On Admission, Unicorn will hold 6,822,279 Ordinary Shares, equivalent to 5.39%
of the issued Ordinary Shares.
The Company has been informed that one of the Company's significant
shareholders, Angela Bravo, has transferred part of her holding in the Company
from Sungold Escrow Nominees Ltd to Sungold Asset Management Ltd, both
companies controlled by Ms Bravo. All other details regarding Ms Bravo's
holding are as reported in the announcement of 3 December 2024.
Total Voting Rights
On Admission, the Company will have 126,583,870 Ordinary Shares in issue, each
with one voting right. The Company does not hold any shares in treasury and
therefore the total number of voting rights in the Company is 126,583,870.
This figure should 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.
- Ends -
For further information please contact:
SulNOx Group plc Tel: 07624 491 821
Steven Cowin, CFO
Allenby Capital Limited Tel: 020 3328 5656
(AQSE Corporate Adviser)
Nick Harriss / John Depasquale
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