#VELA investee co. #ENSI EnSilica PLC – Placing to Raise £1.56m & New Business Update December 14, 2023 – Posted in: Blog, Vela Technologies Plc (VELA) – Tags: business, capital, digital infrastructure, investors, issue, shares, signal, update, warrant
EnSilica, a leading chip maker of mixed signal ASICs (Application Specific Integrated Circuits), announces that it has conditionally raised approximately £1.56 million (before expenses) by way of a placing (the “Placing“) of a total of 3,892,500 new ordinary shares of 0.1p each in the Company (“Ordinary Shares”) at a price of 40 pence per new Ordinary Share (the “Issue Price”).
Subscribers in the Placing will receive one warrant for every one Ordinary Share subscribed for pursuant to the Placing, with each warrant entitling the holder to acquire one new Ordinary Share at a price of 55 pence at any time in the 18-month period from the date of Admission (as defined below) (the “Warrants”).
The Placing and issue of the Warrants utilises substantially all the existing share authorities available to the directors to issue shares for cash on a non-pre-emptive basis, as approved at the Company’s annual general meeting held on 28 November 2023.
Allenby Capital Limited (“Allenby Capital“) is acting as sole broker in connection with the Placing.
Highlights
· Equity raise of £1.56 million at 40p per share to finance new business opportunities.
· With the Company’s potential sales pipeline now estimated at US$360 million, the net proceeds of the Placing will be used to support the tender and execution of new and higher levels of activity, including but not limited to:
o seeking to secure two material ASIC design and supply contracts;
o a potential material contract for the “tape-out” and supply of a potentially high volume ASIC;
o progressing two significant consultancy contracts that could be worth, in aggregate, up to US$7.1 million if scoping studies are successful and proceed to the next stage; and
o expansion of work for existing contracts to include “tape-out” and wafer supply.
Ian Lankshear, Chief Executive Officer of EnSilica plc, commented:
“We are delighted that our shareholders have continued to support our growth ambitions as we seek to capitalise on a number of exciting opportunities. We are particularly pleased to be investing in expanding our operational footprint internationally and to further leverage our standing as a leading European mixed signal semiconductor manufacturer.”
Details of the Placing and reasons for it are set out further below.
For further information please contact:
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EnSilica plc Ian Lankshear, Chief Executive Officer |
Via Vigo Consulting +44 (0)20 7390 0233 |
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Allenby Capital Limited, Nominated Adviser & Broker Jeremy Porter / Vivek Bhardwaj (Corporate Finance) Joscelin Pinnington / Tony Quirke (Sales & Corporate Broking)
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+44 (0)20 3328 5656 |
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Vigo Consulting (Investor & Financial Public Relations) Jeremy Garcia / Kendall Hill |
+44 (0)20 7390 0233 ensilica@vigoconsulting.com |