Global Bioenergies closed its capital increase, launched on 20 June 2019 and conducted through a public offer without preferential subscription rights and without priority subscription period for shareholders, for a total amount (issue premium included) of approximately €17 million (US$19.2 million).
The company will use the funds to:
complete the development of the Isobutene process at laboratory scale, pilot scale and demo scale (for around 58% of the proceeds of the issuance);
continue the R&D efforts to adapt the process to the use of second-generation and third-generation resources (for around 20% of the proceeds of the issuance);
participate in financing the front-end engineering design (FEED) phase of the first plant, to be conducted by IBN-One, and support IBN-One in its fund-raising efforts to start the construction of the plant (for around 10% of the proceeds of the issuance); and
finance the regular running costs of the Company (for around 12% of the proceeds of the issuance).
The proceeds of the fundraising are not intended to finance the construction of the IBN-One plant, for which the search for the ecessary funds is ongoing (for a total need of €140 million).