Advance Energy PLC Placing and Issue of Equity (1723F)
November 12 2020 - 8:37AM
UK Regulatory
TIDMADV
RNS Number : 1723F
Advance Energy PLC
12 November 2020
12 November 2020
Advance Energy plc
("Advance Energy" or the "Company")
Placing and Issue of Equity
Advance Energy plc ( AIM:ADV ), the energy company seeking
growth through acquisition or farm-in to non-operated interests in
discovered upstream projects, announces that it has raised
GBP300,000 (gross) by way of a placing ("Placing") of 136,363,636
new ordinary shares of no par value in the Company ("Ordinary
Shares") (the "Placing Shares") at a price of 0.22 pence per
Placing Share ("Placing Price") through Optiva Securities Ltd
("Optiva"), the Company's joint broker.
Use of Proceeds
The Company intends to utilise the net proceeds of the Placing
to provide funds for progressing new venture opportunities and for
general working capital purposes.
Issue of Equity
In addition to the Placing Shares, the Company has agreed to
issue 21,416,515 Ordinary Shares at the Placing Price to various
creditors to settle outstanding amounts ("Additional Shares").
Admission
The Placing is subject to normal conditions including, inter
alia, admission of the Placing Shares to trading on AIM.
The Placing Shares and Additional Shares will rank pari passu
with the existing Ordinary Shares and application will be made for
the Placing Shares and Additional Shares to be admitted to trading
on AIM ("Admission"). It is expected that Admission will become
effective and dealings in the Placing Shares and Additional Shares
will commence at 8.00 a.m. on 18 November 2020.
Following Admission, the Company's issued share capital will
consist of 1,718,417,116 Ordinary Shares with voting rights. There
are no Ordinary Shares held in treasury. The figure of
1,718,417,116 may be used by shareholders, following Admission, 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.
Enquiries:
Buchanan (Public Relations)
Ben Romney / Kelsey Traynor +44 (0)20 7466 5000
Beaumont Cornish Limited (Nominated Adviser)
Roland Cornish / James Biddle +44 (0) 20 7628 3396
Optiva Securities Limited (Joint Broker)
Christian Dennis +44 (0)20 3411 1881
Novum Securities Limited (Joint Broker)
Colin Rowbury +44 (0)20 7399 9427
For further information, please visit www.advanceplc.com and @advanceplc on Twitter
To register for Advance's email alerts, please complete the
following form:
https://www.advanceplc.com/media-centre/news/#alerts
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of Article 7 of the Market Abuse Regulation (EU) No 596/2014
("MAR").
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END
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