Placing to raise £500,000

RNS Number : 4509B

Clontarf Energy PLC

20 September 2018

 

20^th September 2018

Clontarf Energy plc

("Clontarf" or "the Company")

Placing to raise £500,000

The Directors of Clontarf (AIM: CLON) are pleased to announce that the Company has raised £500,000 (before expenses) via the placing of 135,135,135 ordinary shares (the "Placing Shares") with new investors at a price of 0.37p per Placing Share (the "Placing").  The Placing Shares represent approximately 18.85% of the Company's issued share capital as enlarged by the Placing.

The net proceeds of the Placing will fund any costs associated with the ongoing negotiations regarding the Company's Ghanaian assets and will also provide the Company with additional working capital, as the Company's board continues to assess new projects.

The Placing shares will rank pari passu with the Company's existing ordinary shares of 0.25p each (the "Ordinary Shares").  Application will be made for the Placing Shares to be admitted to trading on AIM ("Admission") and it is expected that such Admission will become effective on or around 26^th September 2018.

Following the Admission of the Placing Shares, there will be a total of 716,979,964 Ordinary Shares in issue with each share carrying the right of one vote.  The above figure may be used by shareholders as the 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 FCA's Disclosure Guidance and Transparency Rules.

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.

Ends

For further information please visit http://clontarfenergy.com or contact:

Clontarf Energy
John Teeling, Chairman		[phone]
David Horgan, Director
Nominated Adviser and Broker
Northland Capital Partners Limited
Tom Price and Dugald Carlean  (Corporate Finance)		[phone]
Rob Rees / Isabella Pierre
Joint Broker
Novum Securities Limited
Colin Rowbury	[phone]
Public Relations
Blytheweigh		[phone]
Simon Woods		[phone]
Camilla Horsfall		[phone]
Teneo PSG
Luke Hogg		[phone]
Alan Tyrrell		[phone]

 

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