only Capital Raising
Presentation
use February 2022
ersonalApproved by the Board of Genex Power Limited
Diverse renewable energy | KIDSTON CLEAN ENERGY HUB |
project portfolio | 50MW Kidston Solar Project (Operating) |
only | 250MW/2000MWh Kidston Pumped Storage |
Hydro Project (Construction) | |
Portfolio of renewable energy | Up to 200MW Kidston Wind Project |
generation and storage projects | (Development) |
Revenue substantially underpinned by | Up to 270MW Kidston Stage 2 Solar Project |
(Feasibility) |
long-term contracts
BOULDERCOMBE BATTERY PROJECT (BBP)
- 100MW of operating assets
use
50MW/100MWh Large-Scale Battery Energy Storage System "BESS" (Development)
- 250MW in construction
JEMALONG SOLAR PROJECT (JSP)
• Up to 520MW of pipeline assets | |||
ersonal | 50MW Jemalong Solar Project (Operating) | ||
G n x | Green Energy, On Demand | Presentation | 2 | ||
onlyCapital Raising | |||
use | |||
ersonal | |||
G n x | Green Energy, On Demand | Presentation | 3 | ||
Equity Raising Overview
• | A non-underwritten $40M placement to sophisticated, professional and institutional investors (Placement) | ||
OFFER STRUCTURE AND SIZE | • | Approximately 266.7M new fully paid ordinary shares (New Shares) to be issued under the Placement, representing 25% | |
of existing shares on issue | |||
• | Share Purchase Plan capped at $10.0M1 (SPP) | ||
only | • | Offer Price of $0.15 per new share, represents a: | |
• 11.8% discount to the last close on 18 February 2022 of $0.170 per share | |||
OFFER PRICE | |||
• 13.2% discount to the 5-day volume weighted average price of $0.173 on 18 February 2022 | |||
USE OF FUNDS | • | Funds raised and a $35.0M senior debt facility will be used to reach financial close and fund construction of the | |
Bouldercombe Battery Project (BBP), for general working capital and transaction costs associated with the Placement | |||
use | (See slide 5 for further details) | ||
BALANCE SHEET | • | Post capital raise, the BBP will be fully funded and Genex will retain working capital of $16.5M (before the costs of the | |
Placement) to support the business in executing its portfolio development strategy | |||
RANKING | • | New Shares issued under the Placement will rank pari passu with existing fully paid ordinary shares | |
SYNDICATE | • | Canaccord Genuity (Australia) Limited and Morgans Corporate Limited are Joint Lead Managers and Bookrunners to the | |
Placement | |||
N te 1: Shares to be issued at the lower of $0.15 per share or the 5-day volume weighted average price prior to the close of the SPP | |||
G n x | Green Energy, On Demand | Presentation | 4 | ||
ersonal |
Sources and Uses
Proceeds from the Placement and a new $35M debt facility will be used to reach | ||||
financial close and fund construction of the BBP, with proceeds being applied to: | ||||
Sources | $M1 | |||
1) BBP Capital Expenditure | Existing cash (31 December 2021) | $36.62 | ||
• Total all-in capital expenditure of $60.0M2, inclusive of finance costs and contingency. | ||||
Equity Raising | $40.00 | |||
only | ||||
• $35.0M new 14-year fixed rate senior debt facility to underpin capex, with balancing $25.0M | ||||
New BBP Debt Facility | $35.00 | |||
provided by proceeds of the equity raising. | ||||
Total | $111.62 | |||
2) Repayment of CEFC Facility | ||||
• $3.0M committed to repayment of the short term tranche of funds advanced in May 2021 under the | Uses | $M1 | ||
existing CEFC facility for K2-Hydro, as per the agreed repayment terms of that facility. | BBP Capex2 | $60.00 | ||
use | ||||
Repayment of K2-Hydro CEFC facility | $3.00 | |||
3) General Working Capital and Costs of the Placement | ||||
• The balancing $16.5M will be applied to: | Current cash committed to projects (DSRA, K2-Hydro etc.)3 | $32.14 | ||
Working Capital and costs of equity raising | $16.48 | |||
• General working capital for Genex to continue to implement its portfolio development | ||||
Total | $111.62 | |||
strategy during the construction phase of K2-Hydro and the BBP; and | ||||
Note 1: Calculated based upon completion of the Placement, excluding any proceeds from the Share Purchase Plan | ||||
• Transaction costs associated with the Placement. | Note 2: Subject to movements in the AUD:USD exchange rate | |||
Note 3: Portion of current cash balances committed to K2-Hydro, Jemalong Solar Project and Kidston Solar Project ie. DSRAs, | ||||
construction contingency accounts etc. | ||||
G n x | Green Energy, On Demand | Presentation | 5 | |||
ersonal |
This is an excerpt of the original content. To continue reading it, access the original document here.
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
Genex Power Ltd. published this content on 22 February 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 22 February 2022 23:28:04 UTC.