Further Loan Note Drawdown and Conversion

RNS Number : 3403E

Andalas Energy And Power PLC

03 July 2019

 

3 July 2019

Andalas Energy and Power Plc

('Andalas' or the 'Company')

Further Loan Note Drawdown and Conversion

Andalas Energy and Power Plc (AIM: ADL) announces that it has issued a further £100,000 of notes to Optiva Securities Limited pursuant to the convertible loan note facility announced on 21 June 2019 ("Facility"), and that it has concurrently received a conversion notice in respect of those notes.  Accordingly, the Company will issue 66,666,666 ordinary shares at a price of 0.15 pence per share to the loan note holders in accordance with the terms of the Facility.  The loan note and subsequent share issue has been made to an existing Andalas shareholder. The proceeds of this further loan note issue will be used for general working capital purposes.

The Company will apply for the new shares to be admitted for trading on AIM, and admission is expected to take place on 11 July 2019.  The new total number of shares in issue will be 1,043,970,300. 

All shares carry one voting right each, and the Company does not hold any shares in treasury. The number of Ordinary Shares with voting rights is therefore 1,043,970,300.  Accordingly, this figure may be used by shareholders as a denominator for the calculations by which they will determine if they are required to notify their interest in, or change to their interest in, the Company, under the Disclosure and Transparency Rules.

Simon Gorringe, CEO of Andalas Energy and Power PLC said: "We a very pleased to accept this subscription from an existing shareholder, which is in addition to the first drawdown and completes this stage of the funding of the company for the Betun Selo KSO project." 

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ('MAR).  Upon the publication of this announcement via a Regulatory Information Service ('RIS'), this inside information is now considered to be in the public domain.

For further information, please contact:

Simon Gorringe	Andalas Energy and Power Plc	Tel: [phone]
Graham Smith	FIM Capital Limited	Tel: [phone]
Roland Cornish/ James Biddle	Beaumont Cornish Limited (Nominated Adviser)	Tel: [phone]
Colin Rowbury	Novum Securities Limited (Joint Broker)	Tel: [phone]
Christian Dennis	Optiva Securities Limited (Joint Broker)	Tel: [phone]

 

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