SulNOx Group Plc (Aquis Stock Exchange: SNOX) is pleased to confirm, further to the announcement made yesterday afternoon and re-released earlier today (the “Launch Announcement”) the successful completion of the Fundraising at the Issue Price of 11.5 pence per share. The Issue Price reflects a 4.2% discount to the Company’s closing mid-market share price on 21 December 2022.

The Fundraising has raised aggregate gross proceeds of £760,000 pursuant to the placing of 3,000,000 Placing Shares and subscription for 3,608,696 Subscription Shares. Following completion of the Fundraising, the Company’s issued share capital will comprise 100,841,539 Ordinary Shares, and the New Ordinary Shares will represent approximately 6.55 per cent. of the Enlarged Share Capital.

Capitalised terms used in this announcement (this “Announcement“) have the meanings given to them in the Launch Announcement, unless the context provides otherwise.

Ben Richardson, Chief Executive Officer of SulNOx Group plc, commented: “Despite difficult market conditions, we are pleased to have received institutional investor backing for SulNOx as an ESG, energy transition company with tremendous potential from reducing fossil fuel consumption and emissions across the globe. We are also grateful for the strong support from existing retail and family office shareholders.

Our largest shareholder, Nistad AS increased their holding and will also become an introducer of SulNOx products to the Scandinavian shipping market. We also welcome new shareholders including an owner operator of dry cargo vessels, who intends to evaluate SulNOx in their fleet, recognising SulNOx as an immediate, green solution for shipping to meet ever more stringent emission regulations, including the Carbon Intensity Indicator (CII) which comes into effect in the new year.

Following the Fundraising SulNOx will have a runway to deliver increasing revenues and be able to accelerate our growth plans through 2023.”

Read the full announcement