In France, Global Bioenergies successfully closed its capital increase, launched on 20 June 2019 and conducted through a public offer without preferential subscription rights and without priority subscription period for shareholders (the “Offer”), for a total amount (issue premium included) of approximately €17m.
With the addition capital, the company will complete the development of the Isobutene process at laboratory scale, pilot scale and demo scale (for around 58% of the proceeds of the issuance). Also, GB will continue the R&D efforts to adapt the process to the use of second-generation and third-generation resources (for around 20% of the proceeds of the issuance). Finally, the company will help finance the front-end engineering design (FEED) phase of the first plant, to be conducted by IBN-One, and support IBN-One in its fund-raising efforts to start the construction of the plant (for around 10% of the proceeds of the issuance). The remainder goes to working capital.
Proceeds of the fundraising are not intended to finance the construction of the IBN-One plant, for which the research of necessary funds is ongoing (for a total need of 140 M€).
Category: Producer News