Ilika Plc (LON:IKA), the UK pioneer in solid-state battery technology, has announced a proposed placing of up to 9,009,090 new ordinary shares of one pence each in the Company at a price of 33 pence per Placing Share to raise gross proceeds of approximately £3.0 million.
The Placing Shares represent approximately 5.4 per cent. of the existing issued ordinary share capital of the Company and the Issue Price represents a discount of approximately 2.9 per cent. to the closing mid-market price of 34 pence per Existing Ordinary Share on 20 May 2025, being the latest practicable date prior to the publication of this Announcement.
Ilika Plc intends to provide its existing shareholders in the United Kingdom with the opportunity to subscribe for up to 1,515,151 new Ordinary Shares at the Issue Price by way of a retail offer to be conducted via the Bookbuild platform. A separate announcement will be made in due course regarding the Retail Offer and its terms. For the avoidance of doubt, the Retail Offer is not part of the Placing.
In addition, certain directors of the Company intend to directly subscribe with the Company for, in aggregate, 81,819 new Ordinary Shares at the Issue Price.
It is intended that the Placing, the Retail Offer and the Director Subscriptions will result in the Company raising total gross proceeds of up to approximately £3.5 million.
Cavendish Capital Markets Limited is acting as nominated adviser, sole bookrunner and sole broker in connection with the Capital Raising.
The Placing Shares are being offered by way of an accelerated bookbuild process, which will be launched immediately following this Announcement, in accordance with the terms and conditions set out in the Appendix to this Announcement.
The timing of the closing of the ABB and the allocation of Placing Shares to be issued at the Issue Price are to be determined at the discretion of the Company and Cavendish.
A further announcement will be made following the close of the ABB, confirming final details of the Placing.
Capital Raising highlights
The net proceeds of the Capital Raising will be used primarily to advance the commercial status of both of Ilika’s product lines, specifically supporting the commercial launch and ramp up of the small format Stereax technology, and the continued development of the large format Goliath technology, through to a position where it is possible to secure commercial licensing agreements with commercial partners. The intended use of proceeds from the Capital Raising are outlined below:
· Up to £1.1 million to support Stereax in the delivery of:
o Technology transfer to Cirtec;
o Testing & validation; and
o Customer support.
· Up to £2.4 million for the development of Goliath technology, via:
o Prototype design & build;
o Testing equipment purchasing;
o Test programme execution; and
o Customer support and engagement.
Key highlights of the Capital Raising are as follows:
· Placing to raise gross proceeds of approximately £3.0 million, through the issue of up to 9,009,090 new Ordinary Shares at the Issue Price.
· Intended Director Subscriptions to raise gross proceeds of approximately £0.03 million, through the issue of 81,819 new Ordinary Shares at the Issue Price.
· Retail Offer via the BookBuild Platform to raise gross proceeds of up to £0.5 million, through the issue of up to 1,515,151 new Ordinary Shares at the Issue Price.
· The Capital Raising is not conditional upon approval by Shareholders.
· The Capital Raising is not being underwritten.
