GSTechnologies Ltd Placing and Subscription to raise GBP1.33 million (9982X)
January 11 2022 - 2:00AM
UK Regulatory
TIDMGST
RNS Number : 9982X
GSTechnologies Ltd
11 January 2022
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WHERE IT IS UNLAWFUL TO DISTRIBUTE THIS ANNOUNCEMENT. THE
INFORMATION CONTAINED HEREIN DOES NOT CONSTITUTE OR FORM PART OF
ANY OFFER TO ISSUE OR SELL, OR ANY SOLICITATION OF ANY OFFER TO
SUBSCRIBE OR PURCHASE, ANY INVESTMENTS IN ANY JURISDICTION.
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").
11 January 2022
GSTechnologies Limited
("GST" or the "Company" or the "Group")
Placing and Subscription to raise GBP1.33 million
Appointment of Broker
GSTechnologies Limited (LSE: GST), the fintech and information
technology solutions company, is pleased to announce that the
Company has raised gross proceeds of GBP1,335,100 through a placing
(the "Placing") of 40,476,190 shares and a subscription for
23,100,000 shares (the "Subscription") of no par value in the
Company ("Fundraising Shares") at a price of 2.10 pence per
share.
The issue of the Fundraising Shares is within the Company's
existing allotment authorities. The Fund Raising Shares equate to
approximately 4.3% of the Company's currently issued share capital.
In addition, participants in the Placing and the Subscription have
been issued with one warrant for every five Fundraising Shares
exercisable at 2.10 pence per share at any time up to one year from
Admission, as defined below.
The funds raised from the Placing and the Subscription will be
principally used to accelerate the implementation of the Group's
strategy, in particular covering planned sales and marketing costs,
and the costs of further development and implementation of the Wise
MPay technology, including in relation to the acquisition of Angra
Limited, which remains subject to FCA approval.
Further announcements will be made by the Company as
appropriate.
Appointment of Broker
The Company is pleased to announce the appointment of Monecor
(London) Ltd, trading as ETX Capital, as the Company's Broker with
immediate effect. The Placing was arranged by ETX Capital.
Tone Goh, Chairman of GST, commented : "I am pleased that we are
able to announce this successful fundraising, again at a higher
price than our previous raise, to provide further funds for our
development. I look forward to providing further updates in due
course, including in relation to the FCA approval of the Angra
acquisition, as we seek to rapidly build a blockchain enabled
neobanking business."
Admission and Total Voting Rights
The Placing and the Subscription have been conducted utilising
the Company's existing share authorities. The Fundraising Shares
will rank pari passu in all respects with the existing shares. The
Placing is conditional, inter alia, on there being no breach of the
obligations under the Placing Agreement entered into between
Monecor (London) Ltd (trading as ETX Capital) and the Company prior
to Admission, and admission of the Fundraising Shares to trading on
the Main Market of the London Stock Exchange ("Admission") becoming
effective. Application will be made to the London Stock Exchange
for the Fundraising Shares to be admitted to trading on the Main
Market of the London Stock Exchange and the Standard Segment of the
FCA Official List. It is expected that Admission will become
effective and that dealings in the Fundraising Shares on the Main
Market of the London Stock Exchange will commence on or around 17
January 2022.
On Admission, the Company will have 1,548,558,192 shares in
issue, each with one voting right. There are no shares held in
treasury. Therefore, the Company's total number of shares and
voting rights will be 1,548,558,192 and this figure may 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.
Enquiries:
The Company
Tone Goh, Executive Chairman +65 6444 2988
F inancial Adviser
+44 (0)20 3005
VSA Capital Limited 5000
Simon Barton / Pascal Wiese
Broker
+44 (0)20 7392
ETX Capital 1400
Tom Curran / Thomas Smith
Financial PR & Investor Relations
IFC Advisory Limited
Tim Metcalfe / Graham Herring / Florence +44 20 (0) 3934
Chandler 6630
For more information please see:
https://gstechnologies.co.uk/
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