REG - Woodbois Limited - Subscription of £1 million

WoodboisAnnouncement

04/10/2024 07:00

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RNS Number : 9116G  Woodbois Limited  04 October 2024

 

 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF THE MARKET
ABUSE REGULATION (REGULATION (EU) NO 596/2014), AS IT FORMS PART OF DOMESTIC
LAW IN THE UNITED KINGDOM BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT
2018 AND THE EUROPEAN UNION (WITHDRAWAL AGREEMENT) ACT 2020.  UPON THE
PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS
INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

 

 

Woodbois Limited

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

 

Subscription of £1 million

Woodbois, is pleased to announce the successful subscription of £1 million
from new and existing shareholders. The net proceeds of the fundraising will
strengthen the Company's balance sheet whilst providing additional funding to
accelerate exports of its product.

The increase of working capital strengthens the Company's financial position,
enhancing liquidity for timely operational needs. It supports growth
initiatives (for example optimizing export to 50 containers a month), funding
expansions and innovation to drive future revenues. Increased working capital
is expected to improve operational efficiencies and cost management. The Board
believes this strategic move enhances stakeholder confidence by demonstrating
robust financial management and reduces dependency on debt, providing
flexibility to seize market opportunities. The net proceeds will also help the
Company fund the registration process of its carbon credits trading business.

Gross proceeds of £1 million (approximately $1.3 million) have been raised by
way of a subscription (the "Subscription") of 357,142,857 new ordinary shares
of 0.01p each in the Company ("New Ordinary Shares") at a price of 0.28 pence
per New Ordinary Share (the "Subscription  Price").

Axis Capital Markets Limited ('Axis') has subscribed for the shares on behalf
of its clients.

The New Ordinary  Shares represent 9.05 per cent of the existing issued
voting Ordinary Share capital of the Company prior to the fundraise. Proceeds
of the Subscription will be used for general working capital purposes.

The New Ordinary Shares will, when issued, be credited as fully paid and will
rank pari passu in all respects with each other and with the existing
ordinary shares in the capital of the Company, including, without limitation,
the right to receive all dividends and other distributions declared, made or
paid after the date of issue.

Subscription Agreements

The Company has entered into two  subscription agreements (the "Subscription
Agreements") with Axis. The Subscription Agreements contain terms and
conditions and Axis is entitled to terminate the Subscription Agreements at
any time prior to the relevant Admissions in certain circumstances.

Share Capital

Application will be made to London Stock Exchange plc for the admission of the
New Ordinary Shares to trading on AIM. It is expected that admission for
90,000,000  New Ordinary Shares and 267,142,857 New Ordinary Shares  will
become effective on or before 8.00 a.m. on 10(th) October and 18(th) October
respectively ( the "Admissions").

Following the Admissions, the Company's total share issued capital will be
4,907,131,730 ordinary shares, which will consist of 4,302,993,583 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.

Chief Executive Officer Guido Theuns said:

"The additional capital will enable us to enhance our export capabilities and
invest in innovative initiatives like our carbon credits trading business. We
are grateful for the confidence shown by our shareholders and remain committed
to delivering sustainable growth and value."

 

 Woodbois Limited                               + 44 (0)20 7099 1940

 Guido Theuns, Executive Chair & CEO

 Johannes Bloemen, CFO

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

 Henry Fitzgerald O'Connor, Harry Pardoe

 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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