Share Purchase Plan Booklet and Application
Sydney, Mar 3, 2022 AEST (ABN Newswire) - Genex Power Limited ACN 152 098 854 (
ASX:GNX) is pleased to announce a Share Purchase Plan (SPP), which opens today, 3 March 2022.
The SPP is part of a wider capital raising being undertaken by the Company. The SPP follows on from the $40 million placement as announced to the ASX on Wednesday, 23 February 2022 (Placement).
The Placement was carried out within the Company's placement capacity under ASX Listing Rules 7.1 and 7.1A. Under the Placement, 266,666,667 fully paid ordinary shares in the capital of the Company (Shares) were issued at $0.15 per Share (Placement Issue Price).
Funds received by the Company from the Placement and SPP (Capital Raising) will be used to assist the Company reach financial close and funding the Bouldercombe Battery Project (BBP), for general working capital and to meet transaction costs associated with the Capital Raising.
In order to provide Eligible Shareholders (as defined below) with the opportunity to participate in the Company's capital raising activities, the Company is pleased to provide the details of the SPP that are set out in the SPP Offer Booklet.
Under the SPP, Eligible Shareholders will, irrespective of the size of their shareholding, have the opportunity to subscribe for up to $30,000 worth of Shares at an issue price (SPP Issue Price) of the lower of:
- $0.15 per New Share, which is the same as the Placement Issue Price; or
- The 5-day volume-weighted average market price (VWAP) prior to the close of the SPP.
The maximum SPP Issue Price, being the Placement Issue Price, represents the following discounts prior to the announcement of the Capital Raising:
- 11.8% discount to the last traded price of $0.170 on Friday, 18 February 2022;
- 13.2% discount to the 5-day VWAP of $0.173; and
- 15.8% discount to the 30-day VWAP of $0.178.
The Record Date to be registered as a shareholder for participation in the SPP is 7:00pm (AEDT) on Tuesday, 22 February 2022.
To be an eligible shareholder, you must hold an existing shareholding in the Company at the Record Date and have a registered address in Australia or New Zealand and who are not in the United States or acting for the account or benefit of any person in the United States or otherwise excluded from participating (Eligible Shareholders).
The Company has determined to raise a maximum of $10 million through the SPP. The Company may decide, in its absolute discretion, to scale back applications and raise less than $10 million. If the Company decides to conduct any scale back of applications, the scale back will be applied on a pro rata basis and in the Company's absolute discretion, either based on the size of the Eligible Holder's existing holding of Shareholding or based on the number of New Shares that the Eligible Holder has applied for. The Company may, in its absolute discretion decide to accept any oversubscriptions above $10m.
To view the the SPP Offer Booklet, please visit:
https://abnnewswire.net/lnk/RTF87QDJ
About Genex Power Ltd
Genex Power Limited (ASX:GNX) is focused on developing a portfolio of renewable energy generation and storage projects across Australia. The Company's flagship Kidston Clean Energy Hub, located in north Queensland, will integrate large-scale solar generation with pumped storage hydro. The Kidston Clean Energy Hub is comprised of the operating 50MW stage 1 Solar Project (KS1) and the 250MW Kidston Pumped Storage Hydro Project (K2-Hydro) with potential for further multi-stage wind and solar projects. The 50MW Jemalong Solar Project (JSP) is located in NSW and provides geographical diversification to the Genex Power Limited portfolio. JSP was energised in early December 2020 and commissioning is now underway. Genex is further developing its energy storage portfolio via the early stage development of a 50MW/75MWh standalone battery energy storage system at Bouldercombe in Queensland. With over 400MW of renewable energy and storage projects in development, Genex is well placed as Australia's leading renewable energy and storage company.
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