GEM Biofuels share placing

July, 2010
GEM BioFuels is raising £300,000 from a placing at 8p a share. The cash will provide working capital and help GEM to complete the audit of its 2009 figures. RAB Special Situations bought half the shares in the placing and now owns 50.7% of GEM.

Shares in GEM were suspended at 7.25p on 30 June because the company had not published its 2009 accounts.

A recent EGM passed a resolution allowing GEM to issue up to 50 million new shares. A total of 3.75 million were issued in this latest placing, which means that GEM can still issue more new shares than the 35.4 million currently in issue.

GEM plans to change its name to TerraRossa Plantations in order to reflect that it is involved in non-edible vegetable oil and is not a producer of biofuels. The oil can be used for biofuels or turned into electricity.

In January, GEM said it was in discussions with alternative off-take partners because its original partner, Natural Fuels Ltd, went into administration in April 2009. There has been no further news on this issue.
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