Result of Open Offer

RNS Number : 0619V

i3 Energy PLC

04 April 2019

 

i3 Energy plc

("i3" or the "Company")

Result of Open Offer

Capitalised terms used in this announcement (this "Announcement") have the meanings given to them in the announcement made 19^th March 2019 regarding the proposed placing (the "Posting of Open Offer Circular"), unless the context provides otherwise.

Result of Open Offer

i3 Energy plc, an independent oil and gas company with assets and operations in the UK, is pleased to announce that the Open Offer to shareholders as announced on 19^th March 2019 has closed for acceptances in accordance with its terms.

The Company has received valid applications in respect of a total of 983,059 new ordinary shares in the Company. The aggregate amount raised pursuant to the Open Offer is approximately £363,732.

Admission

Further to the Company's announcement of 19^th March 2019, application has been made to the London Stock Exchange for the admission of the Open Offer Shares to trading on AIM ("Admission"). It is expected that Admission will occur and that dealings will commence at 8.00 a.m. on or around 8^th April 2019.

In accordance with the provisions of the Disclosure Guidance and Transparency Rules of the Financial Conduct Authority, the Company confirms that following Admission its issued ordinary share capital will comprise 87,375,278 Ordinary Shares of £0.0001 each. All of the Ordinary Shares have equal voting rights and none of the Ordinary Shares are held in Treasury. The total number of voting rights in the Company will therefore be 87,375,278 on Admission. The above figure may be used by shareholders, on Admission, as the denominator for the calculations to determine if they are required to notify their interests in, or change to their interest in, the Company.

ENDS

CONTACT DETAILS:

	i3 Energy plc
	Majid Shafiq (CEO) / Graham Heath (CFO)	c/o Camarco Tel: [phone]
	WH Ireland Limited (Nomad and Joint Broker)
	James Joyce, James Sinclair-Ford	Tel: [phone]
	Canaccord Genuity Limited (Joint Broker)
	Henry Fitzgerald- O'Connor, James Asensio	Tel: [phone]
	GMP FirstEnergy (Joint Broker)
	Jonathan Wright	Tel: [phone]
	Camarco Jennifer Renwick, Jane Glover, James Crothers	Tel: [phone]

Notes to Editors: i3 is an oil and gas development company initially focused on the North Sea. The Company's core asset is the Greater Liberator Area, located in Blocks 13/23d and 13/23c, containing 11 MMBO of 2P Reserves, 22 MMBO of 2C Contingent Resources and 47 MMBO of mid-case Prospective Resources. The Greater Liberator Area consists of the Liberator oil field discovered by well 13/23d-8 and the Liberator West extension, both of which i3 hold a 100% working interest in. The Company's strategy is to acquire high quality, low risk producing and development assets, to broaden its portfolio and grow its reserves and production. The information contained within this announcement is deemed by the Company to constitute inside information under the Market Abuse Regulation (EU) No. 596/2014.

 

END

 

 

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