Gascogne SA (ENXTPA:BI) announced a private placement of 13,452,248 shares €2.50 per share for gross proceeds of €33,630,620 on April 9, 2014. The company will issue the shares to existing investors, Attis 2 SAS and Electricité et Eaux de Madagascar Société anonyme. Attis 2 is formed by a consortium of investors comprising the Landes region companies Biolandes Technologies and Les Dérivés Résiniques et Terpéniques, Bpifrance Participations, and Crédit Agricole group.

As part of the transaction, the overall commitment of cash subscription of Electricité et Eaux de Madagascar Société anonyme will be as high as approximately €4,200,000. The balance of commitment of cash subscription will be for €1,392,090 being specified that the sum of €682,090 is sequestered by the investor between the hands of the conciliator and that an amount of €710,000 remains to be mobilized. The company entered into a restructuring agreement on the same date.

The transaction is expected to close by September 19, 2014. The transaction is a part of the reorganization plan of the company. The transaction is subject to approval from the shareholders of the company and completion of other conditions.