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Andalas Energy & Pwr (ADV)

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Monday 23 December, 2019

Andalas Energy & Pwr

Placing and total voting rights

RNS Number : 8759X
Andalas Energy And Power PLC
23 December 2019
 

For immediate release

23 December 2019

 

Andalas Energy and Power Plc

('Andalas' or the 'Company')

Placing and total voting rights

Andalas Energy and Power plc (AIM:ADL) is pleased to announce that it has raised £250,000 before expenses, through a conditional placing arranged by the Company's Broker, Optiva Securities Limited, (the "Placing") of 166,666,667 ordinary shares of nil par value ("Ordinary Shares") at a price of 0.15 pence (the "Placing Price") per Ordinary Share ("Placing Shares"), compared to the mid-market price of 0.16 pence at the close of business on 20th December 2019.

The net proceeds of the Placing will be used to further the Company's exploration and development activities and for general working capital.

The Placing is conditional on the Placing Shares, which will be issued credited as fully paid and will rank pari passu in all respects with the existing Ordinary Shares, being admitted to trading on AIM (the "Admission").  Application is being made for the Placing Shares to be admitted to trading and AIM and Admission is expected to occur on or around 31 December 2019.

Total voting rights

Immediately following Admission, the Company will have 1,210,636,967 Ordinary Shares in issue. Accordingly, the total number of Ordinary Shares in the Company with voting rights will be 1,210,636,967. 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 Financial Conduct Authority's Disclosure Guidance and Transparency Rules.

 

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 ('MAR).  Upon the publication of this announcement via a Regulatory Information Service ('RIS'), this inside information is now considered to be in the public domain.

 

Market soundings, as defined in MAR, were taken in respect of the conditional placing with the result that certain persons became aware of inside information, as permitted by MAR. That inside information is set out in this announcement and has been disclosed as soon as possible in accordance with paragraph 7 of article 17 of MAR. Therefore, those persons that received inside information in a market sounding are no longer in possession of inside information relating to the Company and its securities.

 

For further information, please contact:

Simon Gorringe

Andalas Energy and Power Plc
c/o FIM Capital Limited

Tel: +44 1624 681250

Graham Smith

FIM Capital Limited

Tel: +44 1624 681250

Roland Cornish/ James Biddle

Beaumont Cornish Limited
(Nominated Adviser)

Tel: +44 20 7628 3396

Colin Rowbury

Novum Securities Limited
(Joint Broker)

Tel: +44 207 399 9427

Christian Dennis

Optiva Securities Limited
(Joint Broker)

Tel: +44 20 3411 1881

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
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