Convertible Facility update and issue of equity

RNS Number : 5616E

Lekoil Limited

11 March 2022

 

11 March 2022

Lekoil Limited

("LEKOIL" or the "Company")

Convertible Facility Agreements conversion election - Total Voting Rights

LEKOIL (AIM: LEK), the oil and gas exploration and production company with a focus on Nigeria and West Africa, provides an update further to the Company's announcement of 28 February 2022, in respect of the Amended & Restated CFA1 ("CFA 1"), the Savannah Convertible Facility Agreement ("CFA 2") and the Tripartite Agreements.

The Company notes that the lenders under CFA 1 and CFA 2 have now elected to convert all or part of their Outstanding Amounts into fully paid ordinary shares of the Company ("Shares") as follows:

Amended & Restated CFA1 - Lenders	42,000,000 Shares ("CFA1 Shares")
CFA 2 Lender	157,134,400 Shares ("CFA2 Shares")

The Company has now completed the allotment and issuance of the Shares pursuant to those elections. Following the issuance of the Shares, there are no Outstanding Amounts under CFA 1 and the Outstanding Amount under CFA 2 is £100,000.

Pursuant to the Tripartite Agreements, the Company has also completed the allotment and issuance of 22,863,356 Shares (the "Tripartite Agreement Shares") to satisfy the obligations thereunder.

As trading in the Company's Shares remain suspended, application is not currently being made for the CFA1 Shares, CFA2 Shares and Tripartite Agreement Shares issued today, to be admitted to trading on AIM ('Admission').  

Total Voting Rights

For the purposes of the disclosure in accordance with the Company's Memorandum and Articles of Association, the Board of the Company hereby notifies the market of the following:

As at the date of this announcement, and after the issuance of the Shares pursuant to CFA 1, CFA 2 and the Tripartite Agreements, the Company's issued share capital will consist of 758,777,739 ordinary shares with a nominal value of US$0.00005 each, with voting rights. The Company does not hold any Shares in Treasury.

Therefore, the total number of Shares in the Company with voting rights is 758,777,739. This figure may be used by Shareholders in the Company as denominator for the calculations by which they may determine if they are required to notify their interest in, or a change to their interest in, the Company under the Company's Memorandum and Articles of Association.

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 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ('MAR'). Upon the publication of this announcement via Regulatory Information Service ('RIS'), this inside information is now considered to be in the public domain.

For further information, please visit www.lekoilplc.com or contact:

SP Angel Corporate Finance LLP (Nominated Adviser and Joint Broker) Jeff Keating / Stuart Gledhill	[phone]
Tennyson Securities (Joint Broker) Peter Krens / Edward Haig-Thomas	[phone]

Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	1.  Hadron Master Fund (Marco D'Attanasio) 2.  TDR Enterprises Limited (Tom Richardson)
2	Reason for the notification
a)	Position/status	1.  PCA of Non-Executive Director 2.  PCA of Non-Executive Director
b)	Initial notification /Amendment	Initial Notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	L ekoil Limited
b)	LEI	213800T6JMZ84UEF5C40
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument	Ordinary shares with a nominal value of US$0.00005 each
	Identification code	KYG5462G1073
b)	Nature of the transaction	Loan conversion
c)	Price(s) and volume(s)		Price(s) Volume(s) 1.  0.5p 2.  0.5p 1.  21,000,000 2.  10,500,000
d)	Aggregated information Volume Price	1.  21,000,000 2.  10,500,000 1.  0.5p 2.  0.5p
e)	Date of the transaction	11 March 2022
f)	Place of the transaction	Outside a trading venue

 

END

 

 

MSCUASNRUKUOAAR