Corre Energy B.V.

Share Issue/Capital Change • Sep 23, 2021

National Storage Mechanism | Additional information

RNS Number : 7379M

Corre Energy B.V.

23 September 2021

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO, THE UNITED STATES OF AMERICA, AUSTRALIA, CANADA, SOUTH AFRICA OR JAPAN OR ANY OTHER JURISDICTION WHERE TO DO SO MIGHT CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION

23 September 2021

CORRE ENERGY B.V

Placing and Admission to Trading on Euronext Growth

Corre Energy B.V. ("Corre Energy" or the "Company" and together with its subsidiary undertakings, the "Group"), is pleased to announce its successful placing at a price of €1.00 per Ordinary Share (the "Placing") and its commencement of trading

The entire ordinary share capital consisting of 62,018,846 ordinary shares with a nominal value of €0.0045 each (the "Ordinary Shares") has today been admitted to trading on Euronext Growth, a market operated by Euronext Dublin. Dealings in the Ordinary Shares will commence today at 8.00am on Euronext Growth.

Corre Energy is focused on the development, construction and future operation of grid-scale underground renewable energy storage facilities, as well as the production and sale of green hydrogen.

Highlights

·      The Placing Price has been set at €1.00 per Ordinary Share (the "Placing Price").

·      12,018,846 new Ordinary Shares are to be issued by the Company pursuant to the Placing to raise gross proceeds of €12 million.

·      Corre Energy's market capitalisation on Admission will be approximately €62 million based on the Placing Price.

·      J&E Davy acted as Sole Bookrunner, Broker and Euronext Growth Advisor in connection with the Placing.

·      Immediately following Admission, the Company's issued share capital will be 62,018,846 Ordinary Shares.

·      The Company intends to use the proceeds from the Placing as well as previously disclosed investment by Fondo Italiano per l'Efficienza Energetica (FIEE) to continue the development of ZW1 to financial close, to continue the development of DK1 to commercial close, to accelerate the development of an existing project pipeline of 11 EU designated projects across the Netherlands, Germany and Denmark and for general corporate purposes.

Commenting on today's announcement,

Keith McGrane, CEO of Corre Energy said:

"Corre Energy is very pleased to be joining Euronext Growth which marks an important milestone in our journey to decarbonise the electricity system through the development of grid-scale storage of renewable energy and the production and sale of green hydrogen.

Our initial raise of over €12 million was heavily over-subscribed and we are delighted to welcome our new institutional shareholders to our share register. The placement proceeds, alongside our public listing, committed project partners and access to a range of other funding sources, leaves Corre Energy well positioned as a first mover in a technology solution that we believe will be a game changer for environmentally and economically sustainable green energy." 

Full details of the Placing and Admission will be included in the Admission Document, which will be made available on the Company's website, https://corre.energy/ subject to certain access restrictions, from Admission. Except where the context otherwise requires, defined terms used in this announcement have the meanings given to such terms in the Admission Document.

Enquiries:       

Corre Energy                                                                               Keith McGrane CEO Patrick McClughan CCO Nick Gilman CFO	Via Murray Group
Davy (Sole Bookrunner, Broker and Euronext Growth Adviser) Barry Dixon                                                                                                     John Frain Aoife Foley	+353 (0) 1 679 6363 +353 (0) 1 6148922 +353 (0) 1 6148761 +353 (0) 1 6142873
Murray Group (Public Relations): Pat Walsh                                                         Doug Keating	+353 (0)87 226 9345 +353 (0)86 037 4163

IMPORTANT NOTICES

This announcement is an advertisement and not a prospectus or admission document and investors should not purchase or subscribe for any securities referred to in this announcement except on the basis of information in the Admission Document to be published by the Company in due course in connection with the Offering.

The distribution or publication of this announcement, any related documents, and other information in connection with the Offering may be restricted by law in certain jurisdictions and persons who gain possession of this announcement or any document or other information referred to herein are required to inform themselves about, and observe, any such restrictions. Any failure to comply with these restrictions may constitute a violation of the securities laws of such jurisdictions. No action has been taken to permit possession or distribution or publication of this announcement, other than in Ireland and the United Kingdom.

Neither this announcement nor any copy of it and the other documents or other information relating to the Offering may be taken or transmitted into the United States, Australia, Canada or Japan or the Republic of South Africa or any other jurisdiction where it would be unlawful to do so or to a resident, national or citizen of the United States, Australia, Canada, Japan or the Republic of South Africa or any other jurisdiction where it would be unlawful to do so. Any failure to comply with these restrictions may constitute a violation of the securities laws of such jurisdictions.

This announcement is not for publication or distribution, directly or indirectly, in or into the United States of America. This announcement is not an offer of securities for sale into the United States. The securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States, except pursuant to an applicable exemption from registration. No public offering of securities is being made in the United States.

This announcement does not constitute, or form part of, and should not be construed as, an offer for sale or subscription or solicitation of or invitation to make any offer to buy or subscribe for any securities. Neither this announcement nor any part of it shall form the basis of or be relied on in connection with or act as an inducement to enter into any contract or commitment whatsoever. The information in this announcement is for background purposes only and does not purport to be full or complete. No reliance may or should be placed by any person for any purposes whatsoever on the information contained in this announcement or on its completeness, accuracy or fairness. The information in this announcement is subject to change. In particular the proposals referenced herein are tentative and are subject to verification, updating, revision and amendment.

None of the Ordinary Shares nor any other securities of the Company have been and will not be registered under the applicable securities law of the United States, Australia, Canada, Japan or the Republic of South Africa. The Ordinary Shares, subject to certain exceptions, may not be offered or sold, directly or indirectly, in or into Australia, Canada, Japan or the Republic of South Africa or to or for the account or benefit, of, any national resident or citizen of such countries. There will be no public offering of the Ordinary Shares in any jurisdiction including Ireland, the United Kingdom, the Netherlands, the United States, Australia, Canada, the Republic of South Africa and Japan.

Members of the public are not eligible to take part in the Placing. All offers of Ordinary Shares will be made pursuant to an exemption under Regulation (EU) 2017/1129 (the "Prospectus Regulation") from the requirement to produce a prospectus for offers of the Ordinary Shares. This announcement is being distributed only to and is directed at (i) persons in member states of the European Economic Area ("Member States") who are a "Professional Client" within the meaning of Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU ("MiFID II") and persons who are "Qualified Investors" within the meaning of Article 2(e) of the Prospectus Regulation. In addition, this document is only directed at and being distributed to: (A) in the United Kingdom, to persons (i) who have professional experience in matters relating to investments and who fall within the definition of "investment professionals" in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended) (the "Order") or (ii) who fall within Article 49 of the Order; and (B) any other persons to whom it may otherwise be lawfully communicated (together all such persons being referred to as "relevant persons"). The investment or investment activity to which this document relates is available only to such persons. Any person who is not a relevant person should not act on this announcement or any of its contents. It is not intended that this announcement be distributed or passed on, directly or indirectly, to any other class of person and in any event and under no circumstances should persons of any other description act upon the contents of this document. This announcement is being supplied solely for information and may not be reproduced by, further distributed or published in whole or in part by, any other person. By receiving this document, you are deemed to warrant to the Company and Davy that you fall within the categories described above and agree to and will comply with the contents of this notice.

The dates of the Offering may be influenced by a range of circumstances such as market conditions. There is no guarantee that the Offering will occur, and you should not base your financial decisions on the Company's intentions in relation to the Offering at this stage. Acquiring Ordinary Shares to which this announcement relates may expose an investor to a significant risk of losing all of the amount invested. Persons considering making such an investment should consult an authorised person specialising in advising on such investments. This announcement does not constitute a recommendation concerning the Offering. The value of Ordinary Shares can decrease as well as increase. Potential investors should consult a professional advisor as to the suitability of the Offering for the person concerned. Past performance or information in this announcement or any of the documents relating to the Offering cannot be relied upon as a guide to future performance.

This announcement may include statements that are, or may be deemed to be "forward-looking statements". These forward-looking statements may be identified by the use of forward-looking terminology, including the terms "believes", "estimates", "plans", "projects", "anticipates", "expects", "intends", "may", "will", "could", or "should" or, in each case, their negative or other variations or comparable terminology, including references to assumptions, or by discussions of strategy, plans, objectives, goals, future events or intentions. Forward-looking statements may and often do differ materially from actual results. Any forward-looking statements reflects the Company's current view with respect to future events and are subject to risks relating to future events and other risks, uncertainties and assumptions relating to the Company's business, results of operations, financial position, liquidity, prospects, growth and strategies. Forward-looking statements speak only as of the date they are made. Subject to any legal or regulatory requirements, the Company and Davy expressly disclaim any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained in this announcement to reflect any changes in the Company's expectations with regard thereto or any change in events, conditions or circumstance on which any such statement is based. Information in this announcement, past performance or any of the documents relating to the Offer, Admission and/or the Ordinary Shares cannot be relied upon as a guide to future performance.

Davy, which is regulated in Ireland by the Central Bank of Ireland, is acting exclusively for the Company in relation to the Offering and will not regard any other person as their client in relation to the Offering and will not be responsible to any person other than the Company for providing the protections afforded to their clients or for advising any other person in relation to the Offering or any transaction or arrangement referred to or information contained in this announcement.

In connection with the Offering, Davy, or any of its affiliates, acting as investors for their own accounts, may subscribe for or purchase Ordinary Shares and in that capacity may retain, purchase, sell, offer to sell or otherwise deal for their own accounts in such Ordinary Shares and other securities of the Company or related investments in connection with the Offering or otherwise. Accordingly, references in the Admission Document, once published, to the Ordinary Shares being issued, offered, subscribed, acquired, placed or otherwise dealt in should be read as including any issue or offer to, or subscription, acquisition, placing or dealing by, Davy or any of its affiliates acting as investors for their own accounts. Neither Davy nor any of its affiliates intend to disclose the extent of any such investments or transactions otherwise than in accordance with any legal or regulatory obligations to do so.

None of the Company, Davy, nor any of their respective affiliates, their respective directors, officers, partners, employees, advisers or agents or advisers or any other person, accepts any responsibility or liability whatsoever for, or makes any representation or warranty, express or implied, as to the truth, accuracy, completeness or fairness of the information or opinions contained in this announcement (or whether any information has been omitted from this announcement) or of any other information relating to the Company, its subsidiaries or associated companies, whether written, oral or in a visual or electronic form, and howsoever transmitted or made available or for any loss howsoever arising from any use of this announcement or its contents, or otherwise arising in connection therewith. The Company, Davy and their respective affiliates, their respective directors, officers, partners, employees, advisers or agents or any other person, accordingly, disclaim all and any liability whether arising in tort contract or otherwise which they might otherwise have in respect of this announcement or its contents or otherwise arising in connection therewith.

Corre Energy may decide not to proceed with the Offering and there is no guarantee that Admission will occur. You should not base your financial decision on this announcement. Acquiring investments to which this announcement relates may expose an investor to a significant risk of losing all of the amount invested.

The contents of this announcement are not to be construed as legal, financial or tax advice. Each prospective investor should consult his own legal adviser, financial adviser or tax adviser for legal, financial or tax advice, respectively.

Certain figures contained in this announcement, including financial information, have been subject to rounding adjustments. Accordingly, in certain instances, the sum or percentage change of the numbers contained in this document may not conform exactly to the total figure given.

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