AFC Energy PLC, a leading provider of hydrogen power generation technologies, has successfully raised gross proceeds of £13.8 million through an oversubscribed placing and subscription. The fundraising also includes a proposed financing on the "REX" platform to existing retail investors to raise up to £2.0 million. The new Ordinary Shares are issued at an issue price of 15 pence per share.

The company has placed a total of 91,279,000 Placing Shares at the Issue Price, comprising 74,074,964 Firm Placing Shares and 17,204,036 Conditional Placing Shares, resulting in gross proceeds of £13.7 million. Additionally, certain directors of the company have agreed to subscribe for an aggregate of 666,666 Subscription Shares at the Issue Price, raising gross proceeds of £0.1 million.

The Firm Placing Shares, the Conditional Placing Shares, and Subscription Shares will be issued and allotted under the Company's existing share capital authorities. The Conditional Placing and the REX Retail Offer are conditional on the passing of the Fundraising Resolutions at the General Meeting expected to be convened on 28 June 2024.

The Placing Shares, Subscription Shares, and REX Retail Shares will be admitted to trading on AIM ("Admission"). The First Admission is expected to occur at 8.00 a.m. on 13 June 2024, while the Second Admission is expected to occur at 8.00 a.m. on or around 1 July 2024, subject to the passing of the Fundraising Resolutions.

The Circular containing a notice convening the General Meeting will be posted to shareholders over the coming days, with the General Meeting to be convened on 28 June 2024. The participation of certain directors in the Subscription constitutes a related party transaction for the purposes of Rule 13 of the AIM Rules.

A further announcement will confirm the posting date, other key dates in connection with the Fundraising, and the availability of the Circular on the Company's website.