Woodbois Ltd - Africa-focused timber technology - Raises £2.7 million from share subscription, issuing 5.31 billion new shares at 0.05 pence each. Together with the new shares, Woodbois issues 2.65 billion warrants for shares at a strike price of 0.125p. It hopes to raise a further £650,000 from two subscriptions on the same terms for up to 1.30 billion shares and 650.0 million warrants. The subscription is made available to UK brokers and to Triaxis SA, a Swiss asset manager.
Woodbois calls a general meeting for April 22 to approve the fund raise, which will be used for general working capital and ‘to improve the company’s financial position with its creditors’. BGFI Bank in Gabon recently won a court decision allowing it to begin proceedings to recover €790,000 owed to it by Woodbois.
Following the departure of its executive chair & chief executive officer and its chief financial officer in December, Woodbois in January appointed Lucas Kanme as CEO and on Friday says Non-Executive Director Clive Roberts will become interim chair, effective immediately.
Current stock price: 0.048p, down 20% in London on Friday
12-month change: down 94%
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