Update re Strategic fundraise

RNS Number : 3182K

Infrastrata PLC

09 April 2018

 

9 April 2018

InfraStrata plc

("InfraStrata" or the "Company")

Update re Strategic fundraise

Further to the Company's announcement of 4 April 2018, InfraStrata plc (LON: INFA), the UK quoted company focused on development of strategic gas storage capacity, provides confirmation that the first tranche of the placing and subscription announced on 4 April 2018 will be for a total of 266,265,387 new ordinary shares of £0.0001 each ("First Placing Shares"), rather than 266,265,392 shares as previously advised.  The placing and subscription is for a total of 385,416,666 new ordinary shares of £0.0001 each and the issue of the second tranche of 119,151,279 new ordinary shares of £0.0001 each is subject to approval at a general meeting on 25 April 2018.

Application has will be made for the First Placing Shares to be admitted to trading on AIM ("First Admission") and it is expected that First Admission will occur on or around 10 April 2018.

Total Voting Rights

Upon First Admission, the Company's issued share capital will consist of 894,973,653 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 894,973,653. With effect from First 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 Adrian Pocock, Chief Executive	c/o Yellow Jersey [phone]
Allenby Capital Limited (AIM Nominated Adviser & Joint Broker) Jeremy Porter / Alex Brearley / Liz Kirchner SI Capital Limited (Joint Broker) Nick Emerson	[phone] [phone] [phone]
Yellow Jersey Tim Thomson	[phone]

-ENDS-

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."

Notes for Editors:

Background on InfraStrata plc

InfraStrata is an independent gas storage company focused on the UK and Ireland.

Further information is available on the Company's website: www.infrastrata.co.uk.

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 and 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 Commission. To date approximately £11.5m has been invested in the project.

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

 

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