Ascent Resources PLC Placing of shares and conversion of loan notes (4327U)
April 07 2016 - 02:00AM
UK Regulatory
TIDMAST
RNS Number : 4327U
Ascent Resources PLC
07 April 2016
Ascent Resources plc
("Ascent" or "the Company")
GBP500,000 Placing of shares via Primarybid.com and conversion
of loan notes
The Board of Ascent is pleased to announce that it has raised
GBP500,000 gross (GBP477,500 net to the Company) via the placing of
35,714,285 new ordinary shares of 0.2p each in the Company at a
price of 1.4p per Placing Share ("Placing Shares") with investors
using the Primarybid.com platform.
These funds will meet the working capital requirements of the
Company until the end of Q2 2016 during which time the final
outcome of the IPPC Permit and negotiations around an alternative
route to first gas are expected.
Issue of equity through conversion of loan notes
Ascent further announces that it has received notices of
exercise to convert GBP81,681 nominal of convertible loan notes
("Loan Notes") plus GBP10,311.93 interest accrued. The Loan Notes
are convertible into new ordinary shares of 0.2p in the Company
("Ordinary Shares") at a rate of 100 new Ordinary Shares per GBP1
Loan Note nominal or interest. Consequently, a total of 9,199,293
new Ordinary Shares ("the Conversion Shares") will be issued
pursuant to the notices.
Accordingly, the Company has GBP11,963,678.76 of remaining
convertible loan notes (including rolled-up interest) due in
November 2016.
Admission of Ordinary Shares
The Company has applied for admission of the aggregate
44,913,578 Placing Shares and Conversion Shares to trading on AIM.
Dealings are expected to become effective on 12 April 2016
("Admission"). Following Admission, the Company will have
202,220,478 Ordinary Shares in issue with each Ordinary Share
carrying the right to one vote. There are no Ordinary Shares
currently held in treasury. The total number of voting rights in
the Company therefore will be 202,220,478 and this figure may be
used by shareholders as the denominator for the calculations by
which they will determine if they are required to notify their
interest in, or a change to their interest in, the Company under
the Financial Conduct Authority's Disclosure and Transparency
Rules.
Enquiries:
Ascent Resources plc
Clive Carver, Chairman
Colin Hutchinson, Interim
CEO 0207 251 4905
Stockdale Limited,
Nominated Adviser
Alastair Stratton
Richard Johnston
Edward Thomas 0207 601 6100
IFC Advisory Ltd, Financial
PR and IR
Graham Herring
Tim Metcalfe
Heather Armstrong 0203 053 8671
PrimaryBid
Dave Mutton
Anand Sambasivan 020 7491 6519
This information is provided by RNS
The company news service from the London Stock Exchange
END
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