Conversion of Warrants Generates £20,000

RNS Number : 4867Q

Prospex Energy PLC

21 February 2023

 

Prospex Energy PLC / Index: AIM / Epic: PXEN / Sector: Oil and Gas

21 February 2023

Prospex Energy PLC

('Prospex' or the 'Company')

Conversion of Warrants and TVR

Conversion of Warrants Generates £20,000

Prospex Energy PLC, the AIM-quoted investment company focused on European gas and power projects, announces that it has received notices for the exercise of warrants to subscribe for 666,684 new ordinary shares of 0.1p each in the Company ("Ordinary Shares").  The warrants were issued pursuant to a warrant agreement dated 23 February 2022 which related to a placing announced by the Company in March 2021 and are the last warrants from that placing.  The exercise price is 3 pence per warrant exercised, therefore generating proceeds of £20,000.52 for the Company.

Admission to Trading and Total Voting Rights

The Company has applied to the London Stock Exchange for admission of 666,684 new Ordinary Shares to trading on AIM ('Admission').  Admission is expected to occur on or around 24 February 2023.  There are currently 284,107,440 Ordinary Shares in issue.  Following Admission, subject to the 666,684 New Shares being allotted and issued there will be a total 284,774,124 of Ordinary Shares in issue.  This will be the number of Ordinary Shares that 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 a change to their interest in the Company under the FCA's Disclosure and Transparency Rules.

Mark Routh, Prospex's CEO, commented:

"These two warrant conversions are the last two 3p warrants remaining from the equity fund raise that took place in March 2021, when 25 million 3p warrants were issued alongside the issue of shares.  Since that time all the 3p warrants have now been converted and the proceeds of £750,000 has been received by the Company between April 2022 and today.  The funds have been used for working capital."

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR") and is disclosed in accordance with the Company's obligations under Article 17 of MAR.

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For further information visit www.prospex.energy or contact the following:

Mark Routh	Prospex Energy PLC	Tel: [phone]
Ritchie Balmer Rory Murphy	Strand Hanson Limited	Tel: [phone]
Andrew Monk (Corporate Broking) Andrew Raca/Alex Cabral (Corporate Finance)	VSA Capital Limited	Tel: [phone]
Colin Rowbury Jon Belliss	Novum Securities Limited	Tel: [phone]
Susie Geliher Ana Ribeiro	St Brides Partners Limited	Tel: [phone]

 

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