ADV Advance Energy Plc

Andalas Energy and Power Plc
(‘Andalas’, or the ‘Company’)

Correction: Issue of warrants

The following has been amended in the "Issue of Warrants" announcement released on 6 December at 9:01am.

“The warrants have been issued with a 5 year term with a strike price of 0.5 pence per share; the basis of calculation being a 25% premium to the closing bid price (previously announced exercise price was 0.54375 being a 25% premium to the closing mid-market price)."

 Has been amended to:

“The warrants have been issued with a 5 year term with a strike price of 0.05 pence per share; the basis of calculation being a 25% premium to the closing bid price (previously announced exercise price was 0.054375 pence per share being a 25% premium to the closing price)."

 All other information within the announcement remains unchanged. The full amended text appears below.

Andalas Energy and Power Plc
(‘Andalas’, or the ‘Company’)

Issue of warrants

Further to the Company’s announcement of 27 November regarding the equity investment of £500,000 and provision of a convertible loan note facility of up to £2 million by 1798 Volantis Fund Ltd (“Volantis”), 638,569,604 warrants over ordinary shares have been issued to Volantis. 

The warrants have been issued with a 5 year term with a strike price of 0.05 pence per share; the basis of calculation being a 25% premium to the closing bid price (previously announced exercise price was 0.054375 being a 25% premium to the closing price).

The Company also confirms that it has received the £500,000 subscription proceeds and notes today’s notification of major holdings announcement by Lombard Odier Asset Management (Europe) Limited that they are the beneficial owner of the entire subscription amount.

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.

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