Earnz (AIM:EARNZ), the AIM-listed energy services company targeting the shift toward decarbonisation, launched a retail offer via the BookBuild platform to raise up to £1.0 million.
The offer makes available up to 25 million new shares at 4p each, matching the price of a separate placing announced on 30 September.
That placing price represents a discount of approximately 15.8% to Earnz's closing price of 4.75p on 29 September, the last trading day before the placing was announced.
The retail offer is not part of the placing, and the two are not mutually conditional, though the retail offer will lapse if the placing is terminated before admission.
Both fundraisings are tied to Earnz's proposed acquisition of Gem New Co, which requires shareholder approval at a general meeting.
Net proceeds from the retail offer will fund additional working capital for the enlarged group.
Zeus Capital is acting as retail offer coordinator, with participation restricted to existing UK retail shareholders applying through authorised intermediaries, subject to a £100 minimum subscription.
The retail offer opened at 7:00am on 1 October and is scheduled to close at 4:30pm on 5 October, though it may close early if oversubscribed.
Results of the offer are due to be announced on 6 October, ahead of the general meeting on 19 October and admission of the new shares on 20 October.