Information  X 
Enter a valid email address

Scirocco Energy PLC (SCIR)

  Print   

Wednesday 20 October, 2021

Scirocco Energy PLC

Investment Facility - further closing

RNS Number : 7279P
Scirocco Energy PLC
20 October 2021
 

20 October 2021

Scirocco Energy plc

("Scirocco Energy" or "the Company")

Investment Facility - further closing

Scirocco Energy (AIM: SCIR), the AIM investing company  targeting attractive assets within the European sustainable energy and circular economy markets is pleased to announce the completion of a further closing under its previously announced investment facility with Prolific Basins LLC, a U.S. based specialist energy focused investor.

Prolific Basins LLC, as subscriber under the share subscription deed governing the investment facility (the "Investment Facility"), has made a further investment of US$1,000,000 into the Company by way of a prepayment of ordinary shares under the Investment Facility, the details of which were announced to the market on 29 June 2020 and amended on 25 June 2021.

Application will be made to the London Stock Exchange for the admission to trading on AIM of any ordinary shares issued and allotted in the future in relation to the prepayment. Such ordinary shares will rank pari pasu in all respects with all existing ordinary shares in the Company. Such ordinary shares will only be issued to the extent that the Company has corporate authority to do so.

The proceeds from the prepayment will be used by the Company to fund investments within sustainable energy and circular economy markets.

The Investment Facility also provides that Prolific Basins LLC 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.

Tom Reynolds, Scirocco Energy CEO commented "This is very positive news for the Company. Seeing the prepayment taken up to the maximum initial level under the terms of the amended Investment Facility clearly demonstrates continuing support for Scirocco and its new investment policy."

 

This announcement contains inside information for the purposes of Article 7 of EU Regulation No. 596/2014, which forms part of United Kingdom domestic law by virtue of the European (Withdrawal) Act 2018.

 

For further information:

Scirocco Energy plc

Tom Reynolds, CEO

Doug Rycroft, COO

+44 (0) 20 7466 5000

 

Strand Hanson Limited, Nominated Adviser

James Spinney / Ritchie Balmer / Rory Murphy

 

+44 (0) 20 7409 3494

 

 

WH Ireland Limited, Broker

Harry Ansell / Katy Mitchell  

 

+44 (0) 207 220 1666

 

 

Buchanan, Financial PR

Ben Romney / Jon Krinks / James Husband

 

 

+44 (0) 20 7466 5000

 

 

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.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
MSCBLBDGSXDDGBG

a d v e r t i s e m e n t