Completion of Subscription

RNS Number : 0618Z

ADM Energy PLC

08 January 2020

 

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.

8 January 2020

ADM Energy PLC 

("ADM" or the "Company") 

Completion of Subscription

ADM Energy PLC (AIM:ADME), an oil and gas investing company quoted on AIM, is pleased to announce the completion of the fundraising announced on 30 September 2019.   

On 30 September 2019, the Company announced that a conditional fundraising ("Fundraising"), would proceed to completion following shareholder approval at the Company's general meeting on the same day. As announced on 12 November 2019, whilst ADM raised approximately £412,000 in the Fundraising, the completion of the Fundraising in its entirety was delayed.   

ADM confirms it has now completed, conditional upon Admission, the final stage of the Fundraising, raising £150,360 by way of the issue of 2,148,000 new ordinary shares of 1 pence each ("New Ordinary Shares") at a price of 7 pence per share to  Zark Capital Limited ("Zark"). Following issue of the New Ordinary Shares, Zark will hold 6,000,000 ordinary shares, representing 9.7 per cent. of the Company's issued share capital. 

Application will shortly be made to the London Stock Exchange for the New Ordinary Shares, which will rank pari passu with the Company's existing ordinary shares, to be admitted to trading on AIM. Dealings in the New Ordinary Shares are expected to commence at 8.00 a.m. on or around 13  January 2020.  

Total Voting Rights

Following the issue of the New Ordinary Shares, the Company will have 61,649,210 ordinary shares of 1 pence each in issue. There are no ordinary shares held in treasury. The figure of 61,649,210 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 Guidance and Transparency Rules.

For further information please contact:

ADM Energy plc	[phone]
Osamede Okhomina, CEO
Cairn Financial Advisers LLP	[phone]
(Nominated Adviser)
Jo Turner, James Caithie
Pello Capital Limited	[phone]
(Broker)
Dan Gee
Luther Pendragon	[phone]
(Financial PR) Harry Chathli, Alexis Gore, Joe Quinlan

About ADM Energy

ADM Energy (AIM:ADME) is a natural resources investment company with an existing asset base in Nigeria. ADM Energy holds a 5% equity investment in the Aje Field, part of OML 113, which covers an area of 835 sq km offshore Nigeria. Aje has multiple oil, gas and gas condensate reservoirs in the Turonian, Cenomanian and Albian sandstones with five wells drilled to date.

ADM Energy is seeking to build on its existing asset base in Nigeria and target other investment opportunities across the West African region in the oil and gas sector with attractive risk reward profiles such as proven nature of reserves, level of historic investment, established infrastructure, route to early cash flow and exploration upside.

 

END

 

 

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