Clean Air Power Limited Successful Placing to raise £3.35 million (3862N)
September 28 2012 - 2:01AM
UK Regulatory
TIDMCAP
RNS Number : 3862N
Clean Air Power Limited
28 September 2012
For Immediate Release 28 September 2012
Clean Air Power Ltd
("Clean Air Power" or "the Company")
Successful Placing to raise GBP3.35 million
Introduction
Clean Air Power Limited (AIM:CAP), the developer and provider of
Dual-Fuel(TM) combustion technology for heavy duty diesel engines,
is pleased to announce that it has successfully placed through
Seymour Pierce Limited, acting as the Company's Nominated Adviser
and Broker to the placing, 41,963,850 new common shares of US$0.001
each ("Common Shares") at a placing price of 8 pence each with
institutional and other investors to raise approximately GBP3.35
million before expenses (the "Placing").
Background to and reasons for the Placing
The net proceeds of the Placing will be used to supplement
working capital and to support existing and potential new projects,
including the recently announced development programme to launch
the Genesis EDGE system in the North American market with initial
production targeted for early 2014.
Details of the Placing
The Company has raised approximately GBP3.35 million before
expenses, by way of a placing of 41,963,850 new Common Shares.
The placing shares will represent approximately 23.7 per cent.
of the share capital of the Company as enlarged by the Placing.
Applications have been made to the London Stock Exchange for the
admission of 41,963,850 Common Shares which are expected to be
admitted to trading on AIM in two tranches; 32,563,850 new Common
Shares on 2 October 2012 and a further 9,400,000 new Common Shares
on 3 October 2012. Following these admissions the Company will have
a total of 177,053,469 Common Shares in issue.
Directors Participation
All of the Directors have agreed to participate in the Placing
on the basis set out below:
Name Existing Holding No of Placing Shareholding Percentage of
Shares following Placing Enlarged Issued
Share Capital
---------------- ------------------ ---------------- ------------------- -----------------
John Pettitt 1,876,567 500,000 2,376,567 1.34%
---------------- ------------------ ---------------- ------------------- -----------------
Peter Rowse 255,158 43,750 298,908 0.17%
---------------- ------------------ ---------------- ------------------- -----------------
Rodney Westhead 286,109 62,500 348,609 0.20%
---------------- ------------------ ---------------- ------------------- -----------------
Ulrich Wohr 304,859 62,500 367,359 0.21%
---------------- ------------------ ---------------- ------------------- -----------------
Karl-Viktor
Schaller 49,631 18,750 68,381 0.04%
---------------- ------------------ ---------------- ------------------- -----------------
Bernard Lord 446,897 125,000 571,897 0.32%
---------------- ------------------ ---------------- ------------------- -----------------
Commenting on the successful Placing, John Pettitt, CEO of Clean
Air Power, said:
"We are delighted to have had such strong support both from new
and existing shareholders enabling us to achieve such a successful
fund raising. The response to this placing underlines the continued
support and belief that the Company and its shareholders have in
the long term objectives and potential of the business."
For further information please contact:
Clean Air Power Tel: +44 (0)1772 624 499
John Pettitt, Chief Executive
Peter Rowse, Group Finance Director
Buchanan Tel: +44 (0)20 7466 5000
Charles Ryland / Clare Akhurst
Seymour Pierce Limited
Mark Percy / David Foreman (Corporate Tel: +44 (0)20 7107 8000
Finance)
David Banks / Paul Jewell (Corporate
Broking)
Notes to Editors
About Clean Air Power
Clean Air Power is the developer and provider of Dual-Fuel(TM)
combustion technology for heavy duty diesel engines. Dual-Fuel(TM)
engines substantially cut fuel costs and carbon emissions without
sacrificing the original engine's characteristic efficiency or
reliability. Clean Air Power is well positioned to assist
corporations and governments to deliver on their environmental
commitments while at the same time reducing transport operators'
overheads.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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