Placing to raise £750,000

RNS Number : 8681W

Ascent Resources PLC

24 April 2019

 

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.

NOT FOR PUBLICATION, RELEASE OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH SUCH PUBLICATION, RELEASE OR DISTRIBUTION WOULD BE PROHIBITED BY ANY APPLICABLE LAW.

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                                                                                                     [phone]

Colin Hutchinson, CEO

Cameron Davies, Chairman

John Buggenhagen, COO

WH Ireland, Nominated Adviser                                                                              [phone]

James Joyce / Chris Savidge

SP Angel, Joint Broker                                                                                                   [phone]

Richard Redmayne / Richard Hail

Yellow Jersey, Financial PR and IR                                                                           [phone]                 

Tim Thompson / Harriet Jackson / Henry Wilkinson

 

END

 

 

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