# Ilika to raise gross proceeds of up to approximately £3.4 million

- Link: https://www.directorstalkinterviews.com/ilika-to-raise-gross-proceeds-of-up-to-approximately-3.4-million/4121155668
- Published: 2024-05-10T07:12:56+01:00
- Author: Amilia Stone

**[Ilika plc](https://www.directorstalkinterviews.com/company/ilika-plc/ika.l)**(
[LON:IKA](https://www.directorstalkinterviews.com/company/ilika-plc/ika.l)), an 
independent global expert in solid-state battery technology, has announced a proposed
conditional placing of up to 6,071,428 new ordinary shares of one penny each in 
the capital of the Company at a price of 28 pence per Placing Share to raise gross
proceeds of approximately £1.7 million.

The Placing Shares represent approximately 3.8 per cent. of the existing issued 
ordinary share capital of the Company (the “Existing Ordinary Shares”) and the Issue
Price represents a discount of approximately 5.1 per cent. to the closing mid-market
price of 29.5 pence per Existing Ordinary Share on 9 May 2024, being the latest 
practicable date prior to the publication of this Announcement.

The Company also intends to raise gross proceeds of up to approximately £1.7 million
through the issue of up to 6,114,449 new Ordinary Shares (the “Open Offer Shares”)
pursuant to an open offer (the “Open Offer”) to allow Ilika shareholders, including
those who are not participating in the Placing, to subscribe for new Ordinary Shares
at the Issue Price.

It is intended that the Placing, the Open Offer and the Director Subscriptions (
together the “Capital Raising”) will result in the Company raising total gross proceeds
of up to approximately £3.4 million.

Capitalised terms used in this announcement (including the appendices) (this “Announcement”)
have the meanings given to them in Appendix 3 to this Announcement, unless the context
provides otherwise.

Liberum Capital Limited (“Liberum”) and Joh. Berenberg, Gossler & Co. KG (“Berenberg”)
are acting as joint bookrunners (together being the “Joint Bookrunners”) in connection
with the Placing. The Placing Shares are being offered by way of an accelerated 
bookbuild (the “Bookbuild”), which will be launched immediately following this Announcement,
in accordance with the terms and conditions set out in Appendix 4 to this Announcement.

The timing of the closing of the Bookbuild and the allocation of Placing Shares 
to be issued at the Issue Price are to be determined at the discretion of the Company
and the Joint Bookrunners.

A further announcement will be made following the close of the Bookbuild, confirming
final details of the Placing.

**Capital Raising highlights**

·    Conditional Placing to raise gross proceeds of approximately £1.7 million and
an associated Open Offer to raise gross proceeds of up to approximately £1.7 million
through the issue of an aggregate of up to 12,185,877 new Ordinary Shares at the
Issue Price.

·    Intended Director Subscriptions to raise gross proceeds of approximately £22,000
through the issue of an aggregate of 78,570 new Ordinary Shares at the Issue Price.

·    The net proceeds of the Capital Raising are expected to be utilised to drive
Ilika’s roadmap for its Goliath solid-state battery projects.

·    In particular, the net proceeds of the Placing (being approximately £1.5 million)
are expected to be utilised as follows:

o  £0.75 million to support the development of Goliath technology , with grant assistance,
 to support partner collaboration;

o  £0.75 million to increase the battery testing capacity from 20 kWh/a to 0.75 
MWh/a and to upgrade existing dry room facilities; and

o  any Placing proceeds over £1.5 million to further support of Goliath working 
capital and capital expenditure for expansion of testing and dry room facilities
and support of Stereax working capital.

The net proceeds of the Open Offer and the Director Subscriptions will be used to
further support the Group’s working capital requirements.

The Directors are of the opinion, the net proceeds of the Capital Raising will further
strengthen the balance sheet (cash and cash equivalents as at 30 April 2024 in excess
of £11 million) and provide working capital beyond 12 months from the date of this
announcement.

**Posting of Circular**

The Company intends to publish and send a circular to shareholders in connection
with the Open Offer on or around 13 May 2024. The Circular will also be available
on the Company’s website: www.Ilika.com.

**General Meeting**

The Capital Raising is conditional upon, _inter alia_, the passing of the Resolutions
at the General Meeting. The Company will hold the General Meeting at the offices
of Eversheds Sutherland (International) LLP, One Wood Street, London, EC2V 7WS at
11.00 a.m. on 29 May 2024.

The Expected Timetable of Principal Events is set out in Appendix 2 of this Announcement
whilst the Placing and Open Offer Statistics as well as the Chairman’s Letter, as
extracted from the Circular, are set out below.

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