Amendment of Investment Facility

RNS Number : 0769D

Scirocco Energy PLC

25 June 2021

 

25 June 2021

Scirocco Energy plc

("Scirocco" or "the Company")

Amendment of Investment Facility

Scirocco (AIM: SCIR), the AIM investing company targeting attractive production and development opportunities within the European energy market, announces that it has amended the terms of its investment facility ("Investment Facility") with Prolific Basins LLC ("Prolific" or the "Subscriber").

Details of the Investment Facility were announced to the market on 29 June 2020. To date, the Subscriber has invested a total of US$1,000,000 in Scirocco pursuant to the Investment Facility. Of this US$1,000,000 invested to date, an aggregate US$925,000 has been settled through the issue of new ordinary shares in Scirocco, as previously announced.

As a result of the amendment, Scirocco's access to the further investment of up to US$1,000,000 (to be provided at the option of the Subscriber) has been extended until 31 December 2021. Such further investment (if any) will be provided on the date designated by Prolific to the Company and will be invested in a single tranche of either US$500,000 or US$1,000,000 at the discretion of Prolific.

The Investment Facility also provides that the Subscriber may invest a further additional US$3,000,000, with the consent of the Company only, provided that the aggregate amount invested under the Investment Facility cannot exceed US$5,000,000.

All other terms of the Investment Facility remain the same and are as described in the Company's 29 June 2020 announcement.

Tom Reynolds, CEO, commented: "This is a positive result for the Company, as it extends the Company's access to the Investment Facility until the end of the year and shows continuing support for Scirocco."

For further information:

Scirocco Energy plc Tom Reynolds, CEO Doug Rycroft, COO	[phone]
Strand Hanson Limited, Nominated Adviser James Spinney / Ritchie Balmer / Rory Murphy	[phone]
WH Ireland Limited, Broker Harry Ansell / Katy Mitchell	[phone]
Buchanan, Financial PR Ben Romney / Kelsey Traynor / James Husband	[phone]

 

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