Genex Power Ltd (ASX:GNX) Results of Entitlement Offer

Genex Power Limited (ASX:GNX) refers to its ASX release of 24 March 2021 announcing the accelerated 11 for 20 non-renounceable entitlement offer of new ordinary shares in the Company (New Shares) at $0.20 per New Share (Entitlement Offer).

Genex is pleased to announce that it has successfully completed the Retail Component (Retail Component) of the Entitlement Offer.

Pursuant to the Retail Component, a total of 96,670,984 New Shares will be issued to retail shareholders, raising $19,334,196.80 before costs. The amount raised under the Retail Component of the Entitlement Offer comprised 1,805 applications for rights under the Retail Component totalling $17,359,501.40 as well as 646 application for Additional Shares totalling $1,974,695.40. The shortfall of $14,939,996.80 not taken up under the Retail Component will be allotted to underwriters of the Entitlement Offer.

171,370,968 New Shares under the Retail Component of the Entitlement Offer are expected to be allotted on 23 April 2021 and are expected to commence trading on the ASX on a normal settlement basis on 26 April 2021. The New Shares will rank equally with existing shares on issue. Holding statements for New Shares under the Retail Component are expected to be despatched on 27 April 2021.


About Genex Power Ltd

Genex Power Limited is focused on developing a portfolio of renewable energy generation and storage projects across Australia. The Company's flagship Kidston Clean Energy Hub, located in north Queensland, will integrate large-scale solar generation with pumped storage hydro. The Kidston Clean Energy Hub is comprised of the operating 50MW stage 1 Solar Project (KS1) and the 250MW Kidston Pumped Storage Hydro Project (K2-Hydro) with potential for further multi-stage wind and solar projects. The 50MW Jemalong Solar Project (JSP) is located in NSW and provides geographical diversification to the Genex Power Limited portfolio. JSP was energised in early December 2020 and commissioning is now underway. Genex is further developing its energy storage portfolio via the early stage development of a 50MW/75MWh standalone battery energy storage system at Bouldercombe in Queensland. With over 400MW of renewable energy and storage projects in development, Genex is well placed as Australia's leading renewable energy and storage company.

     

Related Companies

Genex Power Ltd