Atome raises £24.6 million through share placement at 60p

LONDON - Atome PLC (AIM:ATOM) completed a fundraising that raised gross proceeds of approximately £24.64 million through the issuance of 41,073,879 new ordinary shares at 60 pence per share, according to a press release statement issued Thursday.

The fundraising comprised a placing of 10,980,846 shares with institutional and other investors that raised approximately £6.59 million, along with subscriptions totaling 30,093,033 shares. The issue price represents a discount of approximately 34.4% to the closing mid-market price of 91.50 pence per ordinary share on Tuesday.

The subscription portion includes a $17 million subscription by Casale S.A., the EPC contractor for the facility, for 20,987,654 shares, subject to shareholder approval at a general meeting. Directors and senior managers subscribed for 5,769,885 shares, while existing shareholders and third parties subscribed for 3,335,494 shares.

Directors subscribed for a total of 5,480,563 shares, representing 10.75% of the existing share capital. Chairman Peter Levine subscribed for 4,753,086 shares.

A separate retail offer raised £1 million through the conditional issue of 1,666,666 shares. The company stated the retail offer was oversubscribed and was scaled back after giving preference to existing shareholders.

The company also agreed to allot 2,245,833 new ordinary shares in lieu of fees to contractors and advisors at the issue price.

Proceeds will fund the company’s $31 million subscription for preferred shares in Atome Paraguay and provide working capital for general corporate purposes.

Stifel Nicolaus Europe Limited and SP Angel Corporate Finance LLP acted as joint brokers and bookrunners. Admission of the new ordinary shares to trading on AIM is expected at 8:00 a.m. on April 30.

Following admission, the company’s issued share capital will total 74,959,930 ordinary shares.

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