REG - Woodbois Limited - £2.0m Exercise of Warrants to scale-up production

WoodboisAnnouncement

08/02/2024 07:15

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RNS Number : 4689C  Woodbois Limited  08 February 2024

8 February 2024

Woodbois Limited

("Woodbois", the "Group" or the "Company")

 

£2.0m Exercise of Warrants at 1p per Share

to scale-up production and realise efficiencies

and Issuance of new Warrants

 

Woodbois Limited (AIM: WBI), a leading company in the international timber
industry, is pleased to announce the exercise of 200 million warrants at 1p
per share, generating £2.0 million for the Company. The proceeds of the
warrant exercise will be used to scale up production and help realise
efficiencies.

Conversion of 1p Warrants adds £2.0m to Cash Resources

The Company has received notice of conversion of 200 million warrants at 1p
per share, a premium of 41% to the closing share price yesterday. As a result,
the Company will issue 200 million new ordinary shares of 1p each ("New
Ordinary Shares"). Application has been made to the London Stock Exchange for
the New Ordinary Shares to be admitted to trading on AIM ("Admission") and it
is expected that Admission will become effective at 8.00 a.m. on or around 13
February 2024. The Company will also be issuing 200 million 2-year warrants,
exercisable at 1.5p per Company voting ordinary share.

Total Voting Rights and Warrants in Issue

Following Admission, the Company's total share issued capital will be
4,549,988,873 ordinary shares, which will consist of 3,945,850,726 voting
ordinary shares, 19,138,147 treasury shares and 585,000,000 non-voting
ordinary shares. The aforementioned figure of voting ordinary shares 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 Company under the Financial Conduct
Authority's Disclosure Guidance and Transparency Rules.

Following the conversion, there will be a total of 1,060,000,000 warrants for
voting ordinary shares and 350,000,000 warrants for non-voting ordinary shares
in issue, all exercisable at 1p per ordinary share until 29 June 2025, and
200,000,000 warrants over voting ordinary shares exercisable at 1.5p per
ordinary share until 13 February 2026.

Guido Theuns, Executive Chair & CEO, said: "The conversion of warrants at
a premium of 41% to the current share price adds £2.0m to our cash resources
and shows great external belief in the future prospects of the Company. It
allows us to continue the drive to profitability through enhancing production
volumes and quality, whilst also further streamlining our costs and
progressing the important carbon credit business plan."

 

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").

 

 

Enquiries:

 

 Woodbois Limited

 Guido Theuns, Executive Chair & CEO                + 44 (0)20 7099 1940

 Carnel Geddes, CFO

 Canaccord Genuity (Nominated Advisor and Broker)   + 44 (0)20 7523 8000

 Henry Fitzgerald-O'Connor

 Harry Pardoe

 Novum Securities (Joint Broker)                    +44 (0) 20 7399 9427

 Colin Rowbury, Jon Bellis

 Axis Capital Markets Limited (Joint Broker)        +44 (0) 203 026 0449

 Ben Tadd, Lewis Jones

About Woodbois:

Woodbois is a Guernsey-based company at the forefront of the timber industry,
committed to delivering quality products and sustainable solutions. With a
legacy of innovation and a vision for the future, it strives to set industry
standards and exceed expectations. Please follow the Company on X:
@WoodboisLtd

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