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LONDON - Dekel Agri-Vision Plc (AIM:DKL), a West African agriculture company, has conditionally completed an oversubscribed fundraise of £2.33 million through a placing, subscription, and retail offer, according to a press release statement issued Friday.
The fundraise consists of a placing that raised £1.21 million through 220,454,543 new shares, a subscription of £1.12 million through 203,636,362 new shares, and a retail offer aiming to raise up to £0.3 million through 54,545,454 shares.
The issue price of 0.55 pence represents a 37.5 percent discount to the closing price of 0.88 pence on June 25, 2025.
As part of the fundraising, company directors have confirmed their intention to subscribe for 112,727,272 shares worth £0.62 million. However, this portion may be delayed until after the company publishes its 2024 annual results, as directors are currently in a close period under Market Abuse Regulation.
Zeus Capital Limited acted as agent for the placing, which was conducted through an accelerated bookbuild process. In connection with the placing, the company will issue approximately 11,022,727 warrants to Zeus, exercisable at the issue price within three years.
The fundraising remains conditional on shareholder approval at a General Meeting scheduled for July 22, 2025. If approved, admission of the new shares to trading on AIM is expected to become effective on July 23, 2025.
Armstrong Investments Limited, a substantial shareholder, participated in the placing, constituting a related party transaction under AIM rules.
Dekel Agri-Vision operates a palm oil project in Ayenouan and a cashew processing project in Tiebissou, both in Côte d’Ivoire.
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