Proposed Placing

Key Highlights:

• Proposed fundraising of up to £0.65 million, before expenses, at a price of 4.5 pence per share by way of a Placing
• Net proceeds of the Placing will be used:
• to accelerate the Company`s growth plans as it moves to commercialisation;
• to provide working capital for the Company`s Italian module factory to produce its lightweight solar panel modules, currently sales orders from two distributors are for 8 MW. The Company estimates that the current break-even sales target is 6-7 MW per annum.
• to fund the 50 per cent. share of the joint development programme with Paragraf announced on 18 June 2019.
• The Placing is being conducted through an accelerated book-build process ("Bookbuild") which will open with immediate effect following this Announcement
• Gavin Mayhew, a non-executive Director will participate in the Placing in the amount of £200,000
• The final number of Placing Shares will be agreed by WH Ireland and the Company at the close of the Bookbuild, and the results will be announced as soon as practicable thereafter.
• The timing for the close of the Bookbuild and allocation of the Placing Shares shall be at the discretion of WH Ireland, in consultation with the Company. The Placing is not being underwritten.
• Appendix 1 to this Announcement (which forms part of this Announcement) contains the terms and conditions of the Placing.
• Geoff Nesbitt, CEO of Verditek plc, said, "We have made the key transformation from proving and certifying our technology to selling it and while it is still early in this process, the commercial advantages of our lightweight solar panels are compelling as they are 90% lighter they generate the same amount of energy as conventional PV. We are looking forward to using these new funds to further grow our order book."