Trading Update & Subscription to Raise 1m (2216Y)
20 12월 2010 - 4:00PM
UK Regulatory
TIDMBIP
RNS Number : 2216Y
Biofutures International plc
20 December 2010
Biofutures International plc
("Biofutures" or "the Company")
Trading Update and Subscription to raise GBP1m
Biofutures is pleased to announce that commissioning of the
plant is occurring in line with previous announcements and the
plant is expected to be operational by the end of the year. The
Company also announces that it has raised GBP1m through the issue
of equity.
Trading Update
The commissioning process has progressed in line with
expectations and it is now moving into the final stages following
which the plant will be fully operational. Major components such as
the generator, steam boiler and air compressor unit have been
tested. Hydrostatic testing has also taken place. Flushing of
pipes, refinery electrical and instrumentation tests are scheduled
to be completed within the week, following which air test and lop
checks will commence. Crude palm oil will then be fed into the
refining system to be refined into RBD Palm Oil followed by the
contractual performance test. The Company expects the plant to be
fully operational by the end of the year.
Once the plant is fully operational, the Company initially will
carry out third-party contract refining. Refined palm oil is more
stable and hence may be stored for longer than crude palm oil and
the Company has expressions of interest from a number of mill
owners who currently have insufficient or no refining
capabilities.
The next step will be for the Company to progress to refining
its own palm oil. The intention is to do this under agreed customer
arrangements.
Details of the Subscription
The Company has raised GBP1m, gross of any expenses, through the
subscription by an existing investor for 15,385,000 new ordinary
shares (the "Subscription Shares") at 6.5p per share. As part of
the subscription, the investor will also receive warrants over a
further 15 385,000 new ordinary shares at an exercise price of 10p,
exercisable in whole or in part at any time in the next twelve
months.
The funds raised by the subscription, together with the
Company's existing and unused facilities of approximately GBP4m,
will be used to acquire the initial feedstock for the plant once it
has become operational.
Application has been made for the admission to trading on AIM of
the Subscription Shares and admission is expected to occur, and
trading commence, at 8.00am on 22 December 2010. Once issued, the
Subscription Shares will rank pari passu with the ordinary shares
currently in issue.
Following the issue of the Subscription Shares, the Company will
have an issued share capital of 166,445,000 ordinary shares of 1 p
each.
For further information, please contact:
Biofutures International plc Tel: + 6012 315 0626
Joe Wong, Chief Executive Officer
www.biofuturesplc.com
Daniel Stewart & Company plc Tel: + 44 (0) 20 7776 6550
Oliver Rigby/Antony Legge (Nomad)
Colin Rowbury (Broker)
www.danielstewart.co.uk
The construction update and photographs are also available on
the Company's web site at
http://www.biofuturesplc.com/construction_update
This information is provided by RNS
The company news service from the London Stock Exchange
END
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