The capital raise will support Leclanché in its growth plans, explains a news release. In the first phase, the share capital is increased by the private placement of 1,984,445 new registered shares out of authorised capital. The first day of trading of the new registered shares is planned for 23 December. The subscription price has been set at CHF 2.40 per share, which is 1.7 per cent above the closing price of the SIX Swiss Exchange on 15 December. That is the same date that investors subscribed to mandatory convertible notes in the amount of CHF 24 million. Those non-listed notes are mandatorily convertible into new shares at the conversion price of CHF 2.40 per new registered share.
In a second phase, Leclanché aims a further increase of its share capital of up to 1,000,000 newly registered shares. These will be come out of authorised capital to be subscribed for by existing and new investors. The net proceeds of both phases will be used to support growth investments, in particular to manufacture, install and commission the first part of a grid ancillary services project.
Leclanché also secured a new investor with ACE & Company, a global private equity group based in Geneva. “I am glad to welcome ACE & Company,” says Leclanché CEO Anil Srivastava. “We very much look for their support to accelerate growth of Leclanché. The proceeds provide Leclanché with sufficient liquidity to fund most of its growth investments.”