LONDON (ShareCast) - (Sharecast News) - Woodbois announced plans to raise up to £2.65m through a subscription for 5.3 billion new shares on Friday, at 0.05p per share.
The AIM-traded firm said the fundraising would comprise a firm and a conditional element, the latter subject to shareholder approval.

In addition, it said it had granted options and warrants that could raise a further £0.65m if fully exercised, bringing the total potential proceeds to £3.3m.

The subscription was being made available to selected UK brokers and Swiss asset manager Triaxis, but not to the general public.

Participants would receive one warrant for every two new shares subscribed, with each warrant exercisable at 0.125p within 24 months of admission of the first tranche of shares.

It said the proceeds would be used to support working capital and to improve the company's financial position with creditors.

The fundraising was contingent on securing at least £2m in aggregate demand and receiving shareholder approval for the conditional element and warrant issuance.

In line with recent board changes, Clive Roberts had been appointed interim non-executive chairman, while Emmanuel Henriquet, currently director general of Woodbois Gabon, was set to become chief operating officer pending due diligence and approval.

Two additional board appointments were also under consideration.

The company said it was convening an extraordinary general meeting for 22 April and its annual general meeting for 30 April, both to be held in London.

At 1409 GMT, shares in Woodbois were down 15.38% at 0.05p.

Reporting by Josh White for Sharecast.com.

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