Last checked at 24 Apr 2019 07:00
THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED TO CONSTITUTE INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) NO. 596/2014. UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.
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24 April 2019
Ascent Resources plc
("Ascent" or the "Company")
Placing to raise £750,000
Appointment of Joint Broker
Ascent Resources plc, the European focused oil & gas exploration and production company, is pleased to announce that it has completed an oversubscribed placing of 214,285,714 Ordinary shares of 0.2 pence ("the Placing") with a small number of institutional investors. The Placing was conducted at a price of 0.35 pence per share ("the Placing Price").
The gross proceeds of the Placing amounting to £750,000 will be used to complete the reprocessing of the Company's 3D seismic data on Petišovci, place an order for compression equipment, evaluate other regional opportunities and provide additional working capital.
The Company will issue and allot a total of 214,285,714 New Ordinary Shares to satisfy the Placing. Application has been made to the London Stock Exchange for these New Ordinary Shares, which rank pari passu with the Company's existing Ordinary Shares, to be admitted to trading on AIM. Dealings are expected to commence at 8.00 a.m. on 29 April 2019.
Appointment of Joint Broker
The Company has appointed SP Angel Corporate Finance LLP ("SP Angel") as joint broker with immediate effect.
Total Voting Rights
Following the issue of the New Ordinary Shares, the Company will have 2,626,648,452 ordinary shares of 0.2p each in issue. No Ordinary Shares are held in treasury. The figure of 2,626,648,452 may be used by the Company's 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 Rules and Transparency Rules.
Colin Hutchinson, Chief Executive Officer of Ascent Resources, commented:
"We are pleased that we have been able to complete this placing with new institutional investors, the funds raised will allow us to progress our business strategy on expanding production from our key producing asset in Slovenia and to review other regional opportunities."
This announcement includes inside information as defined in Article 7 of the Market Abuse Regulation No. 596/2014 and is disclosed in accordance with the Company's obligations under Article 17 of those Regulations.
Enquiries:
Ascent Resources plc +44 20 7251 4905
Colin Hutchinson, CEO
Cameron Davies, Chairman
John Buggenhagen, COO
WH Ireland, Nominated Adviser +44 20 7220 1666
James Joyce / Chris Savidge
SP Angel, Joint Broker +44 20 3470 0470
Richard Redmayne / Richard Hail
Yellow Jersey, Financial PR and IR +44 20 3004 9512
Tim Thompson / Harriet Jackson / Henry Wilkinson