Prospex Energy PLC Conversion of Loan Notes and TVR (1395F)
July 14 2021 - 1:00AM
UK Regulatory
TIDMPXEN
RNS Number : 1395F
Prospex Energy PLC
14 July 2021
Prospex Energy PLC / Index: AIM / Epic: PXEN / Sector: Oil and
Gas
Prospex Energy PLC ('Prospex' or the 'Company')
Conversion of Loan Notes and TVR
Prospex Energy PLC, the AIM quoted investment company focused on
European gas and power projects, announces that it has received a
conversion notice in respect of GBP200,000 of the Company's 2020
convertible loan note issue (the '2020 Loan Notes'), such issue
having been announced by the Company on 24 December 2020.
Following receipt of the conversion notice, GBP200,000 of the
2020 Loan Notes have been converted into 9,756,098 ordinary shares
(the 'Conversion Shares') at a conversion price of 2.05p in
accordance with the terms of the 2020 Loan Notes. Following the
conversion, GBP215,838.28 of the 2020 Loan Notes remain
outstanding.
Application will be made for the Conversion Shares to be
admitted to trading on AIM with admission expected to take place on
or around 19 July 2021. The Conversion Shares will rank pari passu
in all respects with all existing ordinary shares in the
Company.
Following admission of the Conversion Shares, the Company's
enlarged issued share capital will comprise 148,299,898 Ordinary
Shares. The Company has 7,361 shares in treasury, therefore the
figure of 148,292,537 should be used by shareholders in the Company
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 share capital of the Company under
the Financial Conduct Authority's Disclosure Guidance and
Transparency Rules.
The conversion notice was received from Mr Colin Wilson, who
will have a holding of 6.6 per cent in the enlarged share capital
of the Company.
Background information on the 2020 Loan Notes
As announced on 24 December 2020, the Company issued a total of
GBP415,838.28 of the 2020 Loan Notes, to new and certain existing
investors and members of the Board and management.
The 2020 Loan Notes pays 10% interest per annum and were issued
with a term of 18 months with capital repayment of unconverted
amounts due on 30 June 2022. The 2020 Loan Notes grant the
subscribers the right but not the obligation to convert the loan,
on notice, into new ordinary shares in the Company each at 2.05
pence per share. The Company can elect at any time to repay the
2020 Loan Notes early in cash.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
* * ENDS * *
For further information visit www.prospex.energy or contact the
following:
Edward Dawson Prospex Energy PLC Tel: +44 (0) 20 3948
1619
Rory Murphy Strand Hanson Limited Tel: +44 (0) 20 7409
Ritchie Balmer 3494
Colin Rowbury Novum Securities Limited Tel: +44 (0) 20 7399
Jon Belliss 9427
Duncan Vasey Peterhouse Corporate Finance Tel: +44 (0) 20 7469
0932
Frank Buhagiar St Brides Partners Ltd Tel: +44 (0) 20 7236
Cosima Akerman 1177
Notes
Prospex Energy PLC is an AIM quoted investment company focussed
on high impact onshore and shallow offshore European gas and power
opportunities. The Company acquires undervalued projects and then
applies low-cost re-evaluation techniques to identify and de-risk
prospects. Prospex currently holds a portfolio of three projects:
the Podere Gallina Permit in Italy where first gas at the Selva
field is targeted for early 2022; the El Romeral gas and power
project in Spain, which includes three producing wells that supply
gas to a 100% project-owned 8.1MW power plant; and the large scale
Tesorillo gas project in southern Spain, which has the potential to
hold gross un-risked Prospective Resources of 830 Bcf of gas (Best
Estimate), with upside in excess of 2 Tcf. The Company's strategy
is to rapidly scale up gas production in the short term to generate
internal revenues that can then be deployed to develop the asset
base and increase production further.
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