Further to the announcement of 22 February 2021 of the acquisition of GEPL and the proposed placing, Coro Energy, the South East Asian energy company focused on supporting the regional transition to a low carbon economy, announces the results of the Placing which, together with the Open Offer, will result in gross proceeds of up to £5.0 million being raised.
The Company today announced that a total of 1,125,000,000 Placing Shares have been successfully placed at the Placing Price of 0.4 pence per Ordinary Share. The Company has raised gross proceeds of £4.5 million (net proceeds of approximately £3.8 million after expenses, including costs related to the Acquisition). Additional proceeds of up to £0.5 million are to be raised pursuant to the Open Offer.
The issue of the Placing Shares, and completion of the Acquisition, remain subject to, inter alia, the approval by Shareholders of the Resolutions giving authorities to the Directors to issue, inter alia, the Placing Shares free of pre-emption rights.
Gneiss Energy and Tennyson Securities acted as lead bookrunners in connection with the Placing.