Successful fundraising of £3m via PrimaryBid

RNS Number : 6706W

Ascent Resources PLC

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NOT FOR PUBLICATION, RELEASE OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR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

Ascent Resources plc

("Ascent" or the "Company")

Successful fundraising of approximately £3 million via PrimaryBid

Ascent Resources plc, the European focused oil & gas exploration and production company, announced on 10 February 2017 the launch of an institutionally underwritten Offer to raise approximately £3 million at 1.85p per New Ordinary Share. The Offer closed at 5.00 p.m. on 12 February 2017.

The Company is delighted to announce that it has successfully closed the fundraise as announced on 10 February 2017. The fundraise received a strong response from private and institutional investors, and includes a subscription under the Offer for 270,270 shares by Colin Hutchinson, Chief Executive. The gross proceeds of the fundraise are £2,987,750 (£2,838,363 net of costs).

The Company will therefore issue and allot a total of 161,500,000 New Ordinary Shares to satisfy the Offer. 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 16 February 2017. 

Total Voting Rights

Following the issue of the New Ordinary Shares, the Company will have 1,510,578,713 ordinary shares of 0.2p each in issue. No Ordinary Shares are held in treasury. The figure of 1,510,578,713 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:

"I am delighted with the response to the Offer and the significant proportion of the shares taken up by private investors. It is pleasing that in using PrimaryBid private investors usually excluded from such Offers have been able to participate on the same terms as institutional investors at this exciting time for the Company."

Defined terms in this announcement shall have the same meaning as in the Company announcement of 10 February 2017, unless otherwise specified.

Enquiries:

Ascent Resources plc                                                                                                              0207 251 4905

Clive Carver, Chairman

Colin Hutchinson, CEO

Stockdale Securities Limited, Nominated Adviser and Joint Broker                     0207 601 6100

Richard Johnson

Edward Thomas

PrimaryBid Limited                                                                                                                      0207 4791 6519

Dave Mutton

Northland Capital Partners Limited, Joint Broker                                                            0203 861 6625

Tom Price

IFC Advisory Ltd, Financial PR and IR                                                                                      0203 053 8671

Tim Metcalfe

Heather Armstrong

 

END

 

 

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