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LONDON - Gelion PLC (AIM:GELN), a global energy storage innovator, has successfully raised approximately £2.0 million before expenses through a share placement and subscription, as announced on Thursday. The company, which is listed on the AIM market of the London Stock Exchange (LON:LSEG), stated the additional funds were secured due to heightened demand in the accelerated bookbuild process.
The placement resulted in £0.88 million through the issuance of 9,773,982 new shares, while the subscription added another £1.15 million with 12,777,771 shares issued. Gelion also disclosed plans for a retail offer aimed at existing UK shareholders, aiming to raise a further £191,389.86 by offering up to 2,126,554 retail offer shares at the issue price. This offer is set to close on April 22, 2025.
The company’s directors participated in the fundraising, with notable contributions including Dr. Steve Mahon subscribing for 1,111,111 new shares and Prof. Thomas Maschmeyer subscribing for 222,222 new shares. The transactions involving the directors have been deemed fair and reasonable by the company’s independent directors and its nominated adviser, Strand Hanson Limited.
The completion of the placement, subscription, and retail offer is contingent on shareholder approval at a general meeting scheduled for May 6, 2025. The new shares are expected to be admitted to AIM trading around May 8, 2025.
Gelion has stated that the circular containing the notice of the general meeting will be posted to shareholders and made available on the company’s website. The funds raised are intended to further the company’s growth in the energy storage sector.
This fundraising event is based on a press release statement, and the information has been made public, ensuring transparency in accordance with market regulations.
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