GSTechnologies Ltd Placing to raise GBP847,000 (4251T)
November 14 2023 - 8:26AM
UK Regulatory
TIDMGST
RNS Number : 4251T
GSTechnologies Ltd
14 November 2023
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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").
14 November 2023
GSTechnologies Limited
("GST" or the "Company" or the "Group")
Placing to raise GBP847,000
Corporate Update
GSTechnologies Limited (LSE: GST), the fintech company,
announces that the Company has raised gross proceeds of GBP847,000
through a placing (the "Placing") of 77,000,000 shares of no par
value in the Company ("Ordinary Shares") at a price of 1.10 pence
per share (the "Placing Shares"). The Placing Shares equate to
approximately 4.2% of the Company's currently issued share
capital.
The funds raised from the Placing will be principally used to
accelerate the implementation of the Group's GS Money strategy,
including potentially via further acquisitions. Further
announcements will be made by the Company in due course as
appropriate.
CMC Markets UK Plc ("CMC Markets"), acted as the Company's sole
placing agent in respect of the Placing. Brokers wishing to offer
their customers access to future CMC Markets transactions, should
register their interest here: https://www.cmcmarkets.com/en-gb/capx
.
Corporate Update
GST continues to focus on the development and roll-out of its
innovative GS Money solutions from the Group's GS20 Exchange and
Angra Global businesses.
Following the Company's soft launch of its GS20 Exchange in
November 2022, the soft launch has been successful and the
development of the GS20 Exchange has progressed in accordance with
GST's expectations, with a wider roll-out now being undertaken.
There has been a progressive build-up of signed-up users, and the
Company are greatly encouraged by the market traction the GS20
Exchange is enjoying. The GS20 Exchange is generating revenue for
the Company via trading commissions at varying levels depending on
the type and size of transaction undertaken.
Angra Global, which was created following the acquisition of
PAYPT Finance Ltd, in Canada, in August 2023, and its merger with
the Group's existing Angra business based in London, has been
onboarding new customers and is trading in line with the Board's
expectations. A proportion of the Placing proceeds will be utilised
to progress Angra Global's cryptoasset wallet development and
enhancements to its white label e-wallet solution.
Admission and Total Voting Rights
The Placing has been conducted utilising the Company's existing
share authorities. The Placing 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 CMC Markets and the Company
prior to Admission, and admission of the Placing 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 Placing 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 Placing Shares on the Main
Market of the London Stock Exchange will commence on or around 27
November 2023.
On Admission, the Company's issued share capital will consist of
1,915,222,277 Ordinary Shares, each with one voting right. There
are 60,000,000 Ordinary Shares held in treasury. Therefore, the
Company's total number of Ordinary Shares and voting rights will be
1,855,222,277 and this figure may be used by shareholders following
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
Financial Adviser
VSA Capital Limited +44 (0)20 3005 5000
Simon Barton / Thomas Jackson
Broker
CMC Markets +44 (0)20 3003 8632
Douglas Crippen
Financial PR & Investor Relations
IFC Advisory Limited
Tim Metcalfe / Graham Herring / Florence
Chandler +44 20 (0) 3934 6630
For more information please see: https://gstechnologies.co.uk/
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November 14, 2023 08:26 ET (13:26 GMT)
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