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Global Bioenergies Secures a 3 Million Euro Equity Line

Regulatory News:

Global Bioenergies (Paris:ALGBE) announces that it has entered into a 3 million euros Standby Equity Distribution Agreement (SEDA) with Yorkville Advisors, a US-based investor, over a period of 3 years.

Global Bioenergies published on April 15th, 2014 its annual results and announced that as of March 31st, 2014, the available gross cash position amounted to 21 million euros. These funds will mainly finance the industrialization of the isobutene process along with the development of the butadiene and propylene programs, as well as the launch of new research programs.

In this agreement, Yorkville Advisors, based in New Jersey, USA, and acting on behalf of YA Global Master SPV Ltd, is committed to subscribe, upon request and at the sole discretion of Global Bioenergies, to successive and limited capital increases over a period of three years.

These capital increases will be set up on delegation of the Shareholders’ Meeting of December 6th, 2012 by exercising stock warrants with a limit of 300,000 euros per draw down request and an overall limit of three million euros, corresponding to 2.6% of the market capitalization as of April 30th, 2014. So as to ensure ample flexibility, a maximum of 135,008 shares could be issued, corresponding to 4.9% of the share capital as of April 30th 2014. The shares will be issued at a 5% discount to the lowest daily volume weighted average price calculated over a period of five consecutive trading days directly preceding Global Bioenergies’ request.

Liliane Bronstein, Chief Financial Officer of Global Bioenergies, declares: “Global Bioenergies enjoys good financial visibility and has no intention to call upon the market this year. However, the liquidity of our stock, despite having progressed well in recent months, is still insufficient, having established itself at only 130,000 euros exchanged daily since the beginning of the year. Yorkville Advisors does not intend to remain a long-term shareholder of Global Bioenergies and will quickly dispose of the shares on the market, which will contribute to increasing the liquidity.”

The maximum impact for the use of the whole equity line on a shareholder holding 1% of the capital before this agreement was signed is detailed below:

   

Before the agreement
was signed

 

After using the whole equity line to a maximum
of 135,008 shares

   

Non diluted basis1

 

Diluted basis2

Participation   1.00%   0.95%   0.91%

Global Bioenergies has no obligation to request Yorkville Advisors to exercise the warrants and will only use this facility when the market conditions are optimal, in the best interest of both the company and the shareholders. The funds raised will be distributed to the different programs according to the framework established after the capital increase of July 2013.

Saad Gilani, Managing Director of Yorkville Advisors, comments: “We are pleased to add Global Bioenergies to our European portfolio and work together with its management team to continue building a strong company with excellent growth prospects in the future.”

Marc Delcourt, CEO of Global Bioenergies, concludes: “One of Global Bioenergies’ distinctive strengths is the extreme stability of its key shareholders; this strong attachment to the company is also observed among free float shareholders. The flip side of this positive factor is that a resulting small proportion of our capital is tradable on the market, which could be an obstacle to the performance of the share, especially outside France where 18%3 of the free float has already settled down. Recently, some international investment funds have expressed their concern about the accessibility of the shares during the numerous meetings that we have held, in the USA and in Europe. This Standby Equity Distribution Agreement is a concrete answer to it.”

About GLOBAL BIOENERGIES

Global Bioenergies is one of the few companies worldwide, and the only one in Europe, that is developing a process to convert renewable resources into hydrocarbons through fermentation. The Company initially focused its efforts on the production of isobutene, one of the most important petrochemical building blocks that can be converted into fuels, plastics, organic glass and elastomers. Global Bioenergies continues to improve the yield of its process and is actively entering the industrial pilot testing phase. The company recently replicated this success to propylene and butadiene and is also looking to continue with other members of the gaseous olefins family, key molecules at the heart of petrochemical industry.

Global Bioenergies is listed on Alternext, Euronext Paris (FR0011052257 – ALGBE)

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www.global-bioenergies.com

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Disclaimer
This document does not constitute an offer for sale of the shares of Global Bioenergies in the United States. Shares of Global Bioenergies may not be offered or sold in the United States absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended. Global Bioenergies does not intend to register the offering referred to herein in the United States.

____________________________________

1 Based on the 2,755,256 shares comprising the capital of Global Bioenergies as of April 30th, 2014
2 After issuing 127,995shares from the exercise of the totality of the diluting instruments (warrants and free shares) distributed at the time of this press release
3 As of February 2014

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