Clean Invest Africa Plc, the mineral fines waste processing company quoted on the Aquis Growth Market, is pleased to announce the successful completion of a placing (the "Placing"), to raise £210,000 to support the continuing growth of its wholly owned subsidiaries, CoalTech Limited ("CoalTech") and Coal Agglomeration South Africa (Pty) Ltd ("CASA"), and to provide working capital to the Group.
Placing
A total of 60,000,000 ordinary shares of 0.25p nominal value each ("Placing Shares") have been placed with one investor at 0.35p per share. For each one Placing Share issued, one warrant will be granted, exercisable at 0.7p, valid for a period of three years from the date of admission of the Placing Shares to the Aquis Growth Market. Application has been made for the Placing Shares to be admitted to trading on the Aquis Growth Market and this is expected to occur on or around 5 December 2023.
Following the Placing, Clear Water Holding WLL will own 60,000,000 ordinary shares, representing approximately 3.10% of the issued share capital of the Company. Clear Water Holding WLL is 90% owned by the adult children (Shaikh Abdulla Alkhalifa, Shaikh Fai Alkhalifa and Shaikha Reem Alkhalifa) of the Company's Non-Executive Chairman, Shaikh Mohamed Abdulla Khalifa Alkhalifa.
CLN Conversion
Filippo Fantechi, Chief Executive Officer of the Company has converted £20,000 of principal plus £1,593.42 of interest of an outstanding convertible loan note ("CLN"), plus director's fees, into 24,237,368 ordinary shares of the company. Following the CLN conversion and issue of the director's fees, Filippo is interested in 542,035,789 Ordinary Shares in the Company, representing approximately 28.01% of the issued share capital.
The Company has also issued 19,298,400 ordinary shares to a consultant of the Company to settle outstanding professional fees.
Total Voting Rights
Following the issue of the Placing Shares, the issued share capital of the Company will consist of 1,935,399,170 ordinary shares. No shares were held in treasury at the date of this announcement. The total current voting rights in the Company are therefore 1,935,399,170. The above figure of 1,935,399,170 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 in their interest in, the share capital of the Company under the FCA's Disclosure and Transparency Rules.
