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LONDON - Cel AI PLC (LSE:CLAI) plans to raise a minimum of £7.5 million through a placing of new ordinary shares at 0.2p per share, representing a 62% discount to the closing price of 0.53p on June 26, the company announced Friday.
The fundraising will be conducted via an accelerated bookbuild managed by newly appointed broker OAK Securities, which is also participating as a cornerstone investor with a £1 million commitment. Executive Chairperson Olivia Edwards intends to invest £250,000 in the offering.
The company will issue 3.75 billion new ordinary shares to institutional and accredited investors, plus an additional 625 million shares through direct subscription by OAK Securities and other investors.
According to the announcement, Cel AI will use the proceeds to acquire Bitcoin as part of its previously announced Bitcoin Treasury Reserve Strategy and to fund ongoing operations. The company stated that £500,000 from OAK Securities will be advanced immediately to enable a Bitcoin purchase ahead of the general meeting.
"These funds will drive our mission to integrate AI innovation with a robust Bitcoin treasury strategy," Edwards said in the press release statement.
A general meeting to approve the issuance of most of the new shares is scheduled for July 17. The company noted that 90.7 million subscription shares will be issued unconditionally to OAK Securities around the announcement date, with the remaining shares conditional on shareholder approval.
OAK Securities will be formally appointed as broker to the company effective July 17 and will receive shares at the issue price in lieu of cash fees, plus warrants exercisable for three years.
The results of the accelerated bookbuild are expected to be announced on June 30.
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