Exercise of warrants and change to TVR

RNS Number : 5472U

Infrastrata PLC

29 March 2019

 

29 March 2019

InfraStrata plc

("InfraStrata" or the "Company")

Exercise of warrants and change to total voting rights

InfraStrata plc (AIM: INFA), the UK quoted company focused on the development of natural gas storage capacity, announces that it has received notice of exercise of warrants to subscribe for a total of 2,083,334 new ordinary shares of 0.01p each in the capital of the Company (the "New Ordinary Shares"). The New Ordinary Shares are being issued at a price of 0.48 pence per share and relate to warrants issued as part of the Company's fundraising announced on 4 April 2018.  

Application will be made for the New Ordinary Shares to be admitted to trading on AIM ("Admission") and it is expected that Admission will occur on or around 4 April 2019.

Following this exercise of warrants, the Company has warrants outstanding over 90,935,614 ordinary shares of 0.01p each ("Ordinary Shares"), which represents approximately 6.81 per cent. of the Company's issued ordinary share capital upon Admission. These warrants are exercisable at a price of 0.48 pence per share with expiry dates of 10 April 2021 and 30 April 2021.

Total Voting Rights

Upon Admission, the Company's issued share capital will consist of 1,334,525,313 Ordinary Shares with one voting right each. The Company does not hold any Ordinary Shares in treasury. Therefore, the total number of Ordinary Shares and voting rights in the Company will be 1,334,525,313.  With effect from Admission, this figure may be used by shareholders in the Company 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 share capital of the Company under the FCA's Disclosure Guidance and Transparency Rules.

For further information, please contact:

InfraStrata plc John Wood, Chief Executive and Interim chairman	c/o Yellow Jersey [phone]
Allenby Capital Limited (AIM Nominated Adviser & Joint Broker) Jeremy Porter / Liz Kirchner	[phone]
SI Capital Limited (Joint Broker) Nick Emerson	[phone]
Yellow Jersey Tim Thompson / Henry Wilkinson	[phone]

-ENDS-

Notes to editors:

InfraStrata is an independent gas storage company focused on the UK and Ireland. Further information is available on the Company's website: www.infrastrataplc.com 

Background on the Islandmagee Storage Project

The Islandmagee gas storage project is a proposed salt cavern gas storage facility located on Islandmagee in County Antrim, Northern Ireland. The Board of InfraStrata believes that the proposed 500 million cubic metres natural gas cavern storage facility will provide over 25% of the UK's natural gas storage once constructed. The facility will be situated adjacent to the Scotland Northern Ireland (gas) Pipeline (SNIP) and the Moyle 500 megawatt electricity interconnector. Work commenced in 2007 with the acquisition of 3D seismic data to image the Permian salt in the Larne Lough area. During 2012, planning permission was granted for the project and a gas storage licence was issued by the Utility Regulator. In 2015 a well was drilled to core the salt and confirm the technical feasibility of the project, supported in part by the European Commission. The Front End Engineering and Design (FEED) element of the project was completed in November 2018 and the FEED report was submitted to the European Union in December 2018 in accordance with the Company's grant conditions.  To date approximately £14.5m has been invested in the project.

Further information is available on the company's website: www.infrastrataplc.com 

The Front End Engineering & Design (FEED) and Insitu Downhole Testing programme for the Islandmagee gas storage project is co-financed by the European Union's Connecting Europe Facility.

Disclaimer releasing the European Union from any liability in terms of the content of the dissemination materials:

"The sole responsibility of this publication lies with the author. The European Union is not responsible for any use that may be made of the information contained therein."

 

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