Evry, 29 June 2017 – Global Bioenergies (Alternext Paris: ALGBE, PEA-PME eligible), (“the Company”), today announced that it is launching an increase in its share capital through the issue of new ordinary shares, without preferential subscription rights, to qualified investors, pursuant to the eighth resolution of the Combined General Shareholders Meeting held on 26 June 2017, in the amount of approximately €9 million, i.e. approximately 18.7% of the Company’s share capital. Application will be made for the new shares to be admitted for trading on Euronext Paris.
The funds will be raised in accordance with Article L. 411-2 II of the French Monetary and Financial Code (Code monétaire et financier), (the “Private Placement”), from qualified domestic and international investors, notably excluding the United-States, Canada, Australia and Japan. The funds will be used to finalise the development and industrialisation of the Isobutene process, to finance the detailed engineering works at the IBN-One factory, and to launch the commercial roll-out and pursue the further diversification of the process for feedstocks.
To date, the Company is aware of the commitment of several investors, including the historical partners and board member CM-CIC Investissement SCR and CM-CIC Innovation, to subscribe a total of 6.9 million euros.
The proceeds of the private placement together with the funds already in the hands of the Company shall give it the means to cover its needs over the next 24 months.
The placement will be performed by accelerated building of an order book, at the end of which will be determined the number and price of the new shares to be issued. The accelerated book building will begin immediately and should be completed before market opening on June 30th 2017, subject to any anticipated closing or prorogation. The company shall announce by means of a press release, the result of the Private Placement as soon as possible after the closing of the order book.
According to the terms of the eighth resolution of the Combined General Shareholders Meeting held on 26 June 2017, the issue price of the new shares will be at least equal to the weighted average price of the Company’s share on the Euronext Paris Alternext market in the last three trading sessions prior to setting the issue price, which may be reduced by a maximum discount of 20%. The maximum amount of new shares that could be issued resulting from this Private Placement is 684,705, i.e. 18.7% of the Company’s share capital, within the 20% limit defined in article L.225-136 of the French Commercial Code.
Marc Delcourt, CEO of Global Bioenergies, declared: “The funds raised as part of this Private Placement will enable the Company to fully enter into the commercial phase and adapt the process to the use of increasingly inexpensive feedstocks, which will be more beneficial from the environmental perspective.”
The Private Placement is being conducted by Sponsor Finances and Midcap Partners as joint advisors and bookrunners. The issue does not require registration with the French financial markets authority (AMF) or publication of a prospectus.
The final terms and results of the Private Placement will be announced as soon as possible.
This document may not be distributed, directly or indirectly, in the United States. This document is not an offer of securities for sale nor the solicitation of an offer to purchase securities in the United States. Securities may only be offered for sale or sold in the United States following registration under the terms of the U.S. Securities Act of 1933, as amended, or within the framework of an exemption from registration. The Company’s securities covered by this press release have not been and will not be registered under the U.S. Securities Act, and the Company does not intend to issue a public offering of the securities which are the subject of this press release in the United States.
About GLOBAL BIOENERGIES
Global Bioenergies is one of the few companies worldwide, and the only one in Europe, that is developing a process to convert renewable resources into hydrocarbons through fermentation. The Company initially focused its efforts on the production of isobutene, one of the most important petrochemical building blocks that can be converted into fuels, plastics, organic glass and elastomers. Global Bioenergies continues to improve the performances of its process, operates its industrial pilot, has started operations at its demo plant in Germany, and prepares the first full-scale plant through a Joint-Venture with Cristal Union, named IBN-One. Global Bioenergies is listed on Alternext, Euronext Paris (FR0011052257 – ALGBE).
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This document may not be distributed, directly or indirectly, in the United States, Canada, Australia or Japan.