LONDON - DG Innovate plc (LSE: DGI), a company engaged in developing sustainable mobility and energy storage solutions, has announced the successful conditional raising of £500,000 through the placement of 625 million new ordinary shares. The shares, priced at 0.08 pence each, were rapidly distributed in an accelerated book build overseen by Zeus Capital Limited, which acted as the sole bookrunner.
The fresh capital is earmarked to support the company's joint venture with EVage Automotive Pvt. Limited, as detailed in previous announcements on March 28 and November 27, 2024. Additionally, the funds will provide necessary working capital to sustain the company's operations.
With the net proceeds, DG Innovate expects to have adequate resources until early February 2025. In the interim, the company is actively seeking additional funding and is engaged in preliminary talks with various entities for potential financial solutions.
As part of the placement agreement, DG Innovate will compensate the bookrunner with 43.75 million new ordinary shares at the issue price, contingent on the successful completion of the share placing.
The admission of both the newly placed shares and the broker shares is subject to the terms of the placement agreement dated today, which must remain unbroken and meet all conditions. The company anticipates that the shares will be listed on the Equity Shares (Transition) category of the Official List and commence trading on the London Stock Exchange (LON:LSEG)'s Main Market at 8.00 a.m. on or around December 17, 2024.
This strategic financial move is based on a press release statement from DG Innovate plc and reflects the company's ongoing efforts to secure funding for its operations and collaborative projects in the sustainable technology sector.
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