Druces advises MAST on successful fundraising

Druces LLP has advised MAST Energy Developments Plc (MAST), a UK-based multi-asset owner, developer, and operator in the rapidly expanding flexible generation power market, on its recent £5 million fundraising, which has the potential to increase to £15 million. This transaction represents a significant milestone in MAST's progression within the sector. The Druces team, led by Mark Lamph, along with Kajal Sachania, Jack Dervyn, and David Jahoda, provided comprehensive advice on all aspects of the fundraise, including share reorganisation, prospectus development, subscription, warrant exercises, and loan conversions.

The £5 million equity fundraise was facilitated by Fortified Securities as the broker and can rise to £15 million, subject to warrant exercises. This fundraising enhances MAST’s access to capital markets, positioning the company strongly for future opportunities. The capital will accelerate MAST’s development of additional reserve power assets, strengthen its operational platform, secure more flexible generation sites, and support its essential role in balancing the UK’s energy grid.

Pieter Krügel, CEO of MAST, expressed his enthusiasm for the transaction, stating "We are electrified by the transaction completed today, which has the potential to bring in up to £15 million in gross proceeds. This funding will not only see the Company's balance sheet essentially debt free, but also provide it with a war chest to secure further flexgen sites, both within our existing projects and others we may look to develop or acquire." He also highlighted the buoyancy of the UK energy market and the significant opportunities that MAST plans to capitalise on, thanking the Druces team for their ongoing support.

Mark Lamph, Senior Associate at Druces, added "Delighted to have successfully closed the deal with Mast Energy Developments PLC. This marks a significant step forward in supporting their ambitions to grow their portfolio of transitionary energy assets. Exciting times lie ahead for Pieter Krügel and his team as they gear up for a busy few months." He extended appreciation to MAST for their continued confidence in Druces, as well as to Fortified Securities for their collaboration. Lamph also noted that the deal highlights Druces’ Capital Markets team’s expertise in transactions involving capital markets and energy businesses seeking reliable legal advice, affirming that their team offers both deep sector knowledge and pragmatic legal solutions throughout a client's growth journey.