MyCelx Technologies Corporation Results of Fundraising (4975R)

TIDMMYX TIDMTTM

RNS Number : 4975R

MyCelx Technologies Corporation

28 February 2019

THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY THE COMPANY TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATIONS (EU) NO. 596/2014. UPON THE PUBLICATION OF THIS ANNOUNCEMENT (THE "ANNOUNCEMENT") VIA A REGULATORY INFORMATION SERVICE ("RIS"), THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

THIS ANNOUNCEMENT IS NOT FOR DISTRIBUTION, DIRECTLY OR INDIRECTLY, TO ANY US PERSONS OR IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA, JAPAN OR THE REPUBLIC OF SOUTH AFRICA.

MYCELX Technologies Corporation

("MYCELX" or the "Company")

Results of Fundraising

MYCELX Technologies Corporation (MYX LN), the clean water technology company providing patented solutions for the Oil and Gas market and commercial industrial markets worldwide traded on London Stock Exchange's AIM market, is pleased to announce the result of the Placing and Subscription announced earlier today.

A total of 577,246 New Common Shares in the Company have been placed by Cantor Fitzgerald Europe at a price of 230 pence per share (the "Issue Price") raising gross proceeds of $1.75 million. Together with the proceeds of the Subscription for 26,387 New Common Shares at the Issue Price raising gross proceeds of $80,000, the Company has raised a total of $1.83 million to fund its expansion.

The Issue Price represents a discount of 6.1 per cent. to the Company's mid-market closing price as at 27 February 2019, being the last practicable date prior to the publication of the announcement of the Fundraising.

Admission and Total Voting Rights

Application has been made to the London Stock Exchange for the New Common Shares to be admitted to trading on AIM ("Admission"). It is expected that Admission will become effective at 08.00 a.m. on 13 March 2019.

Upon Admission, the New Common Shares will trade in the Company's new restricted line of Common Shares under the ticker MYXR, and the New Common Shares, as represented by Depositary Interests, will be held in the CREST system and will be segregated into a separate trading system within CREST identified with the market "REG S" and ISIN USU624551151. The Company also maintains an unrestricted line of Common Shares trading under the existing symbol MYX.

Following the issue of the 603,633 New Common Shares, the Company's issued share capital will comprise 19,411,250 Common Shares. The total number of voting rights in the company will be 19,411,250. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Disclosure Guidance and Transparency Rules of the Financial Conduct Authority.

Related party transactions

City Financial Investment Company Limited and Canaccord Genuity Wealth Limited are substantial shareholders of the Company (the "Substantial Shareholders") and therefore classified as related parties under the AIM Rules for Companies ("AIM Rules"). Tim Eggar, Connie Mixon and Andre Schnabl (the "Participating Directors") are, by virtue of their directorships of the Company, also related parties of the Company under the AIM Rules. The Substantial Shareholders and Participating Directors (together the "Related Parties") are participating in the Fundraising and their participation in the Fundraising is considered a related party transaction under the AIM Rules.

The independent directors of the Company, having consulted with the Company's nominated adviser, Cantor Fitzgerald Europe, consider that the terms of the Related Parties' participation in the Fundraising is fair and reasonable insofar as the Company's Shareholders are concerned.

The Related Parties' interest in the Company, following Admission, will be:

 
 Related Party       Current Shareholding   Shares being          Shareholding   Percentage 
                                             acquired pursuant     following      holding 
                                             to the Fundraising    Admission      following 
                                                                                  Admission 
 
 City Financial 
  Investments 
  Company Limited    3,574,938              82,463                3,657,401      18.84% 
 
 Canaccord 
  Genuity Wealth 
  Limited            2,639,507              494,783               3,134,290      16.15% 
 
 Andre Schnabl       -                      8,246                 8,246          0.04% 
 
 Connie Mixon        991,211                16,492                1,007,703      5.19% 
 
 Tim Eggar           130,680                1,649                 132,329        0.68% 
 

Connie Mixon, CEO of MYCELX, said:

"I am pleased to announce the successful closing of this capital raise that will fund the purchase of additional revenue-generating assets for MYCELX. The Company has a strong track record of project delivery and we achieved significant growth in 2018. The purchase of these assets will enable us to accelerate and exploit the opportunities we see before us, as we continue to convert our pipeline into purchase orders and build on the strong momentum we have achieved to date globally."

All capitalised terms in this announcement are as defined in the Company's announcement released at 07.00 a.m. this morning.

For further information, please contact:

 
 
   MYCELX Technologies Corporation 
 Connie Mixon, Chief Executive Officer    [phone] 
 Kim Slayton, Chief Financial Officer 
 
 
 Cantor Fitzgerald Europe (NOMAD, 
  Broker and Bookrunner) 
 David Porter 
  Richard Salmond                         [phone] 
 
 Celicourt Communications 
 Mark Antelme                             [phone] 
 Jimmy Lea 
 

About MYCELX

MYCELX is a revolutionary oil-free water technology company solving the world's toughest oil removal problems in the oil and gas industry. The systems are based upon scientific breakthrough for a completely different approach to permanent oil removal. The Company created the patented MYCELX polymer using innovative molecular cohesion for removing oil from water far beyond what conventional systems have ever achieved. MYCELX systems remove oil to critically low levels in a much smaller physical footprint than conventional systems. Learn more about the Company by visiting https://www.MYCELX.com/.

Appendix - PDMR Dealing Disclosure:

 
 1.   Details of the person discharging managerial responsibilities 
       / person closely associated 
 a)   Name                             Connie Mixon 
     -------------------------------  --------------------------------------- 
 2.   Reason for the Notification 
     ------------------------------------------------------------------------ 
 a)   Position/status                  Chief Executive Officer 
     -------------------------------  --------------------------------------- 
 b)   Initial notification/Amendment   Initial Notification 
     -------------------------------  --------------------------------------- 
 3.   Details of the issuer, emission allowance market participant, 
       auction platform, auctioneer or auction monitor 
     ------------------------------------------------------------------------ 
 a)   Name                             MYCELX Technologies Corporation 
     -------------------------------  --------------------------------------- 
 b)   LEI                              213800UJZINIK2VD1G48 
     -------------------------------  --------------------------------------- 
 4.   Details of the transaction(s): section to be repeated 
       for (i) each type of instrument; (ii) each type of transaction; 
       (iii) each date; and (iv) each place where transactions 
       have been conducted 
     ------------------------------------------------------------------------ 
 a)   Description of                   Common shares of $0.025 each 
       the Financial 
       instrument, type 
       of instrument 
      Identification                   USU624551151 
       code 
     -------------------------------  --------------------------------------- 
 b)   Nature of the                    Purchase of shares 
       transaction 
     -------------------------------  --------------------------------------- 
 c)   Price(s) and volume(s)            Price(s)    Volume(s) 
                                         230 pence   16,492 (bought) 
                                                    ---------------- 
     -------------------------------  --------------------------------------- 
 d)   Aggregated information:          16,492 common shares of $0.025 each 
        *    Aggregated volume          ("Common Shares") at an average price 
                                        of 230 pence per share 
 
        *    Price 
     -------------------------------  --------------------------------------- 
 e)   Date of the transaction          28 February 2019 
     -------------------------------  --------------------------------------- 
 f)   Place of the transaction         Outside a trading venue 
     -------------------------------  --------------------------------------- 
 
 
 1.   Details of the person discharging managerial responsibilities 
       / person closely associated 
 a)   Name                             Tim Eggar 
     -------------------------------  -------------------------------------------- 
 2.   Reason for the Notification 
     ----------------------------------------------------------------------------- 
 a)   Position/status                  Non-Executive Chairman 
     -------------------------------  -------------------------------------------- 
 b)   Initial notification/Amendment   Initial Notification 
     -------------------------------  -------------------------------------------- 
 3.   Details of the issuer, emission allowance market participant, 
       auction platform, auctioneer or auction monitor 
     ----------------------------------------------------------------------------- 

 a)   Name                             MYCELX Technologies Corporation 
     -------------------------------  -------------------------------------------- 
 b)   LEI                              213800UJZINIK2VD1G48 
     -------------------------------  -------------------------------------------- 
 4.   Details of the transaction(s): section to be repeated 
       for (i) each type of instrument; (ii) each type of transaction; 
       (iii) each date; and (iv) each place where transactions 
       have been conducted 
     ----------------------------------------------------------------------------- 
 a)   Description of                   Common shares of $0.025 each 
       the Financial 
       instrument, type 
       of instrument 
      Identification                   USU624551151 
       code 
     -------------------------------  -------------------------------------------- 
 b)   Nature of the                    Purchase of shares 
       transaction 
     -------------------------------  -------------------------------------------- 
 c)   Price(s) and volume(s)            Price(s)    Volume(s) 
                                         230 pence   1,649 (bought) 
                                                    --------------- 
     -------------------------------  -------------------------------------------- 
 d)   Aggregated information:          1,649 common shares of $0.025 each ("Common 
        *    Aggregated volume          Shares") at an average price of 230 
                                        pence per share 
 
        *    Price 
     -------------------------------  -------------------------------------------- 
 e)   Date of the transaction          28 February 2019 
     -------------------------------  -------------------------------------------- 
 f)   Place of the transaction         Outside a trading venue 
     -------------------------------  -------------------------------------------- 
 
 
 1.   Details of the person discharging managerial responsibilities 
       / person closely associated 
 a)   Name                             Andre Schnabl 
     -------------------------------  -------------------------------------------- 
 2.   Reason for the Notification 
     ----------------------------------------------------------------------------- 
 a)   Position/status                  Non-Executive Director 
     -------------------------------  -------------------------------------------- 
 b)   Initial notification/Amendment   Initial Notification 
     -------------------------------  -------------------------------------------- 
 3.   Details of the issuer, emission allowance market participant, 
       auction platform, auctioneer or auction monitor 
     ----------------------------------------------------------------------------- 
 a)   Name                             MYCELX Technologies Corporation 
     -------------------------------  -------------------------------------------- 
 b)   LEI                              213800UJZINIK2VD1G48 
     -------------------------------  -------------------------------------------- 
 4.   Details of the transaction(s): section to be repeated 
       for (i) each type of instrument; (ii) each type of transaction; 
       (iii) each date; and (iv) each place where transactions 
       have been conducted 
     ----------------------------------------------------------------------------- 
 a)   Description of                   Common shares of $0.025 each 
       the Financial 
       instrument, type 
       of instrument 
      Identification                   USU624551151 
       code 
     -------------------------------  -------------------------------------------- 
 b)   Nature of the                    Purchase of shares 
       transaction 
     -------------------------------  -------------------------------------------- 
 c)   Price(s) and volume(s)            Price(s)    Volume(s) 
                                         230 pence   8,246 (bought) 
                                                    --------------- 
     -------------------------------  -------------------------------------------- 
 d)   Aggregated information:          8,246 common shares of $0.025 each ("Common 
        *    Aggregated volume          Shares") at an average price of 230 
                                        pence per share 
 
        *    Price 
     -------------------------------  -------------------------------------------- 
 e)   Date of the transaction          28 February 2019 
     -------------------------------  -------------------------------------------- 
 f)   Place of the transaction         Outside a trading venue 
     -------------------------------  -------------------------------------------- 
 

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February 28, 2019 11:54 ET (16:54 GMT)