£500,000 Placing of shares via Primarybid.com

RNS Number : 8106Z

Ascent Resources PLC

01 June 2016

 

1 June 2016

Ascent Resources plc

("Ascent" or "the Company")

£500,000 Placing of shares via Primarybid.com

Ascent Resources plc (AIM: AST), the European oil and gas exploration and production company, is pleased to announce that it has raised £500,000 gross (£477,500 net to the Company) via the placing of 83,333,333 new ordinary shares of 0.2p each in the Company at a price of 0.6 p per Placing Share with investors using the Primarybid.com platform.

These funds will meet the expected working capital requirements of the Company until the end of Q3 2016 and enable the Company to order certain long lead items required for the alternative route to market.

Admission of Ordinary Shares

The Company has applied for admission of the 83,333,333 Placing Shares to trading on AIM. Dealings are expected to become effective on 7 June 2016 ("Admission"). Following Admission, the Company will have 431,504,775 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 431,504,775 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.

Commenting on today's announcement, Colin Hutchinson, CEO, Ascent said:

"We have again found PrimaryBid a very effective way to raise funds by tapping into investor demand that we may not otherwise have been aware of.  The funds raised today will enable the Company to continue to order the long lead items required to bring the Petišovci field into production".

Enquiries:

Ascent Resources plc Clive Carver, Chairman Colin Hutchinson, CEO	0207 251 4905
Stockdale Limited, Nominated Adviser 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

 

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