SulNOx Group Plc, (Aquis Stock Exchange: SNOX), is pleased to announce that, following the announcement made earlier today regarding the proposed Placing, the Company has successfully raised gross proceeds of approximately £2.59 million, through the placing of 8,630,000 new Ordinary Shares at an issue price of 30 pence per Ordinary Share. The Placing Shares will represent approximately 9.17 per cent. of the Company’s issued share capital as enlarged by the Placing (“Enlarged Share Capital”).
Ben Richardson, Chief Executive Officer of SulNOx, commented “We are grateful for the strong support from existing shareholders and are excited to welcome several new institutional shareholders through this successful fundraising. The investment provides SulNOx with the required resources to accelerate our growth plans and capitalise on the increasing number of market opportunities. The immediate cost reductions and environmental benefits of SulNOx provide solutions for the world’s largest hydrocarbon users in oil, power generation, transport, mining and marine at a time when our planet needs them most. We can now expand further into biofuels and oil reclamation products where we have other unique offerings and considerable revenue potential.”
Director participation in the Placing
The following Directors of the Company have subscribed for Placing Shares pursuant to the Placing:
| Director | Number of Placing Shares subscribed for | Placing Participation Value | Number of Ordinary Shares held on Admission | Percentage of Enlarged Share Capital (%) |
| Radu Florescu Non-Executive Chairman | 16,666 | £4,999.80 | 216,666 | 0.23% |
| Ben Richardson Chief Executive Officer | 16,666 | £4,999.80 | 1,016,666 | 1.08% |
Admission and dealings
Application will be made for the Placing Shares to be admitted to trading on the Apex segment of the AQSE Growth Market (“Admission”). Settlement for the Placing Shares and Admission are expected to take place on or around 8.00 a.m. on 19 July 2021.
Total Voting Rights
On Admission, the Company will have 94,132,843 ordinary shares of 2 pence each (“Ordinary Shares”) in issue, each with one voting right. The Company does not hold any shares in treasury and therefore the total number of voting rights in the Company is 94,132,843. This figure should be used by shareholders from Admission as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in the Company under the FCA’s Disclosure Guidance and Transparency Rules.
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Enquiries:
Tony Granger,
Chief Administration Officer,
tony.granger@sulnoxgroupplc.com
Aquis Stock Exchange Corporate Adviser:
Allenby Capital Limited,
Nick Harriss,
+44 (0) 20 3328 5658
The directors take responsibility for this announcement.
About SulNOx Group Plc
SulNOx, www.sulnoxgroup.com, has developed a hydrocarbon fuels conditioning and emulsifying process which enables more efficient fuel combustion, potentially leading to reduced fuel consumption and significantly lowered emissions.