Successful fundraising of £1.5m via PrimaryBid

RNS Number : 9040U

Ascent Resources PLC

30 October 2017

 

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NOT FOR PUBLICATION, RELEASE OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR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.

30 October 2017

Ascent Resources plc / Epic: AST / Index: AIM / Sector: Oil and Gas
 

Ascent Resources plc

("Ascent" or the "Company")

Successful fundraising of £1.5 million via PrimaryBid

Ascent Resources plc, the European focused oil & gas exploration and production company (AIM:  AST), announced on 27 October 2017 the launch of an institutionally underwritten Offer to raise approximately £1 million at 1.66 pence per New Ordinary Share. The Offer successfully completed and closed early at 9:35 p.m. on 27 October 2017.

The PrimaryBid Offer received exceptionally strong demand from private and institutional investors which led the Company to increase the size of the fundraise.  The gross proceeds of the Offer are £1.5 million.

The Company will therefore issue and allot a total of 96,385,541 New Ordinary Shares to satisfy the Offer, including settling certain professional fees by the issue of 6,024,096 New Ordinary Shares at the Issue Price. 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 2 November 2017. 

Total Voting Rights

Following the issue of the New Ordinary Shares, the Company will have 2,248,750,320 ordinary shares of 0.2 pence each in issue. No Ordinary Shares are held in treasury. The figure of 2,248,750,320 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:

"The rapid subscription of the Offer exceeded our expectations.  This is now the fastest take up on one of PrimaryBid's weekend offers.  We are delighted with the result and would like to thank all the investors on PrimaryBid for supporting us during this exciting time for the Company."

Defined terms in this announcement shall have the same meaning as in the Company announcement of 27 October 2017, unless otherwise specified.

Enquiries:

Ascent Resources plc Clive Carver, Chairman Colin Hutchinson, CEO	0207 251 4905
WH Ireland, Nominated Adviser & Broker James Joyce / Alex Bond	0207 220 1666
PrimaryBid Limited  Dave Mutton	0207 4791 6519
Yellow Jersey, Financial PR and IR Tim Thompson / Harriet Jackson / Henry Wilkinson	0203 735 8825

 

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