Global Bioenergies (the "Company") announces today (6/26) having successfully closed its capital increase, launched on 20 June 2019 and conducted through a public offer without preferential subscription rights and without priority subscription period for shareholders (the "Offer"), for a total amount (issue premium included) of approximately 17m.
The purpose of the Offer is to provide the Company with the means to:
- complete the development of the Isobutene process at laboratory scale, pilot scale and demo scale (for around 58% of the proceeds of the issuance);
- continue the R&D efforts to adapt the process to the use of second-generation and third-generation resources (for around 20% of the proceeds of the issuance);
- participate in financing the front-end engineering design (FEED) phase of the first plant, to be conducted by IBN-One, and support IBN-One in its fund-raising efforts to start the construction of the plant (for around 10% of the proceeds of the issuance);
- finance the regular running costs of the Company (for around 12% of the proceeds of the issuance).
It is reminded that the proceeds of the fundraising are not intended to finance the construction of the IBN-One plant, for which the research of necessary funds is ongoing (for a total need of 140 M ).
Samuel Dubruque, Chief Financial Officer of Global Bioenergies, said: "The participation of L'Oréal (via its fund BOLD Business Opportunities for L'Oréal Development) and our historical shareholder CM-CIC (via its structures CM-CIC Investissement SCR and CM-CIC Innovation) has been decisive. The strong participation of both institutional funds and individuals, in spite of difficult market conditions, underlines the trust granted to Global Bioenergies."
Marc Delcourt, Chief Executive Officer of Global Bioenergies, concluded: "The Company bears the responsibility which goes hand in hand with the trust we have been granted, and will not spare its efforts to achieve the ambitious goals it has set for itself."
The new shares issued as part of the Offer have been placed via:
- a public offer in France in the form of a fixed price offer, mainly dedicated to individuals (the "Fixed Price Offer"); and
- a global placement mainly dedicated to institutional investors (the "Global Placement"), comprising (i) a private placement in France and (ii) a private international placement.
The subscription price of the new shares represents a discount of 15,4% on the volume weighted average price over the last 3 trading sessions preceding the setting of the price.
The global demand amounts to 3,639,475 shares, i.e. a subscription rate close to 100% of the initial size of the Offer.
The capital increase of a total amount, issue premium included, of 16,923,558.75 euros, is made by issuing 3,639,475 new shares, representing 71.7% of the Company's existing capital before the transaction.
Following the transaction, the capital of Global Bioenergies will thus amount to 435,946.50 euros and will be composed of 8,718,930 shares.
Subscriptions from institutional investors, including CM-CIC (CM-CIC Innovation and CM-CIC Investissement SCR) and the L'Oréal Group, via its investment fund BOLD Business Opportunities for L'Oréal Development, have been entirely allocated, as all other subscribers.
A representative of BOLD Business Opportunities for L'Oréal Development will be appointed as an observer on the Company's Board of Directors1, pursuant to the terms of its subscription agreement.
