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InfraStrata plc Raises £810,000 via Placing

Source: 2/27/2017, Location: Europe

Further to the announcement made earlier today, InfraStrata plc, the independent gas storage company, is pleased to announce the completion of a placing of 162,000,000 new ordinary shares of 0.01p each in the Company (the "Placing Shares") at a price of 0.5 pence per Placing Share (the "Placing Price") to raise a total of £810,000 before expenses (approximately £740,000 after expenses) (the "Placing"). The Directors of InfraStrata are pleased to report that due to excess investor demand, the Placing raised more than the £750,000 targeted.

The Placing is subject to admission of the Placing Shares to trading on AIM (Admission). Application will be made for the Placing Shares to be admitted to trading on AIM and it is expected that Admission will take place on 3 March 2017.

The Placing Price represents a discount of approximately 26.5 per cent. to the closing middle market price of an ordinary share of 0.68 pence on 24 February 2017, being the latest practicable closing middle market price prior to the announcement of the Company's intention to perform the Placing.

The Placing Shares will represent, in aggregate, approximately 46 per cent. of the Company's issued ordinary share capital as enlarged by the issue of the Placing Shares. The Placing was conducted within the Company's existing share allotment authorities. The Placing Shares, when duly issued and fully paid, will rank pari passu in all respects with the Company's existing ordinary shares. The Placing has not been underwritten.

Further details regarding the background to the Placing and the use of the Placing proceeds can be found in the Company's announcement made earlier today.

Total Voting Rights

The Placing is conditional, among other things, upon Admission becoming effective. Following Admission, the Company's issued ordinary share capital will consist of 350,041,599 ordinary shares, with one voting right each. The Company does not hold any ordinary shares in treasury. Therefore, the total number of ordinary shares and voting rights in the Company will be 350,041,599. With effect from Admission, this figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the FCA's Disclosure Guidance and Transparency Rules.

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