Sydney, Mar 26, 2021 AEST (ABN Newswire) - Genex Power Limited (ASX:GNX) is pleased to announce the successful completion of an institutional placement ('Placement') and the institutional component of a 11-for-20 fully underwritten pro-rata accelerated non-renounceable entitlement offer ('Institutional Entitlement Offer' or 'IEO', and together with the Placement, 'Institutional Offer') of new fully paid ordinary shares in Genex ('New Shares'). The Placement and IEO raised approximately $56.0M as part of the Company's fully underwritten $90.3M equity raise ('Offer' or 'Equity Raise') announced on Wednesday, 24 March 2021.


- The Placement and Institutional Entitlement Offer attracted significant demand from both eligible existing and new institutional investors;

- Fully underwritten Retail Entitlement Offer to raise a further $34.2M opens on Tuesday, 30 March 2021 and is expected to close at 5.00pm (Sydney time) Friday, 16 April 2021; and

- Proceeds from the Equity Raise to be applied to reaching financial close of the Company's flagship 250MW Kidston Pumped Storage Hydro Project.

Genex received significant demand during the Placement and IEO bookbuild from high quality institutional and high net worth investors, raising gross proceeds of $56.0M. The Offer price was $0.20 per share representing a:

- 27.0% discount to the 5-day volume average weighted price ('VWAP'); and - - 15.0% discount to the Theoretical Ex-Rights Price ('TERP')1 of $0.235.

As announced on Wednesday, 24 March 2021, the proceeds of the Equity Raise, in combination with the anticipated proceeds from the subscription by Electric Power Development Co. Ltd ('J-POWER'), together with Genex's existing cash, will be used to finance Genex's equity contribution for the construction of the 250MW Kidston Pumped Storage Hydro Project (the 'Project') and the costs of the Equity Raise.

Genex is working to shortly close out and execute the project and finance documents, conclude all final outstanding conditions precedent and reach financial close. Due to the requirement to hold an Extraordinary General Meeting ('EGM') of shareholders to approve the J-POWER share issue, financial close is scheduled to occur in mid-May 2021, with construction activities planned to commence ahead of this in late April 2021.

Details of the 'Institutional Offer'

Pursuant to the terms of the Placement and Institutional Entitlement Offer, Genex has agreed to issue a total of 280,033,074 New Shares in the Company at an issue price of $0.20 per share to raise $56M. The New Shares under the Placement will be issued to institutional and sophisticated investors with completion of the Placement and IEO expected to occur on 6 April 2021.

Shareholder approval is not required as the Placement is being undertaken within the Company's existing capacity pursuant to the ASX Listing Rules ('LR') 7.1 and 7.1A. Pursuant to LR 7.1 the Company has agreed to issue a total of 118,925,444 new shares, following receipt by the ASX of a waiver permitting Genex to calculate its LR 7.1 capacity on a post entitlement basis, and pursuant to LR 7.1A Genex will be issuing 51,150,599 shares. All New Shares issued under the Placement and IEO will rank pari passu with the existing ordinary shares on issue.

Retail Entitlement Offer

The retail component of the Entitlement Offer ('Retail Entitlement Offer') will be conducted at the same price and offer ratio as the Institutional Entitlement Offer. The Retail Entitlement Offer will open on Tuesday, 30 March 2021 to eligible existing retail shareholders with a registered address in Australia or New Zealand with shares held as at 7pm Sydney time on Friday, 26 March 2021 ('Record Date') ('Eligible Retail Shareholders'). The Retail Entitlement Offer will close at 5pm Sydney time on Friday, 16 April 2021.

Further information will be sent to Eligible Retail Shareholders in a booklet ('Retail Offer Booklet') expected to be lodged with the ASX and dispatched on Tuesday, 30 March 2021.

In deciding whether to participate in the Retail Entitlement Offer, Eligible Retail Shareholders should carefully read the Retail Offer Booklet. The Retail Offer Booklet and accompanying personalised Entitlement and Acceptance Form will contain instructions on how to apply for the Retail Entitlement Offer. Applications and payments under the Retail Entitlement Offer must be received by no later than 5.00pm (Sydney time) on Friday, 16 April 2021 (unless the Retail Entitlement Offer is extended).

To view the timetable, please visit:

About Genex Power Ltd

Genex Power Ltd ASX:GNXGenex Power Limited (ASX:GNX) is focused on developing a portfolio of renewable energy generation and storage projects across Australia. The Company's flagship Kidston Clean Energy Hub, located in north Queensland, will integrate large-scale solar generation with pumped storage hydro. The Kidston Clean Energy Hub is comprised of the operating 50MW stage 1 Solar Project (KS1) and the 250MW Kidston Pumped Storage Hydro Project (K2-Hydro) with potential for further multi-stage wind and solar projects. The 50MW Jemalong Solar Project (JSP) is located in NSW and provides geographical diversification to the Genex Power Limited portfolio. JSP was energised in early December 2020 and commissioning is now underway. Genex is further developing its energy storage portfolio via the early stage development of a 50MW/75MWh standalone battery energy storage system at Bouldercombe in Queensland. With over 400MW of renewable energy and storage projects in development, Genex is well placed as Australia's leading renewable energy and storage company.



Simon Kidston
Executive Director
Tel: +61 2 9048 8850
Email: sk@genexpower.com.au

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