eEnergy Group (LSE:EAAS) has conditionally raised approximately £1.96 million through a WRAP retail offer, taking total gross proceeds from its wider fundraising to around £8.3 million.
The retail offer involved the issue of more than 652 million new shares at 0.3 pence per share. It followed an earlier placing and subscription as part of the company’s fundraising programme.
Trading in eEnergy’s shares, which was halted during the capital access process, is expected to resume following the announcement.
The new shares are expected to be admitted to trading on AIM later in October, subject to shareholders approving the required resolutions at a forthcoming general meeting.
Funding to Address Trade Creditors and Working Capital
eEnergy said it intends to use approximately £4 million of the proceeds to pay overdue trade creditors.
After fundraising costs and payments to creditors, the remaining proceeds are expected to provide additional working capital for the business.
Company directors participated in the fundraising, including chairman John Samuel. According to the supplied material, the independent board member considered the directors’ participation to be fair and reasonable.
Completion of the fundraising remains conditional on shareholder approval of the necessary resolutions. The board has recommended that shareholders vote in favour of the proposals.
eEnergy Group Operations
eEnergy is a UK-based net zero energy services provider offering energy-saving and energy-generation projects, including LED lighting, solar photovoltaic systems, battery storage and electric vehicle charging infrastructure.
The company serves customers in the UK education sector as well as healthcare, including the NHS, and commercial and industrial markets. Its model can involve third-party funding to finance customer capital expenditure on energy projects.
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