ECHO Echo Energy Plc

TIDMIRG

RNS Number : 7321V

Independent Resources PLC

01 February 2017

FOR IMMEDIATE RELEASE

Independent Resources plc

("IRG" or the "Company")

Issue of c57.7m New Ordinary Shares

The Company announces that 47,199,283 new ordinary shares of 0.01p each ("Shares") have been issued to a consultant to settle EUR35,615.28 of consultancy fees at an average issue price of 0.0636p per Share (the "Consultant Shares") as per the consultancy agreement. These Shares are not subject to any restrictions.

The Company also announces that, as per the announcement made on 14 July 2016, the board has agreed to award Rocky Mountain Limited, a company controlled by Brian Hepp, Chief Operations Officer of the Company 6,000,000 Shares in the Company at a subscription price of 0.45p per Share in satisfaction of fees due of GBP27,000 for the quarter ended 30 September 2016 and 4,500,000 Shares at a subscription price of 0.6p per Share in satisfaction of fees due of GBP27,000 for the quarter ended 31 December 2016 (the "COO Shares"). These Shares are not subject to any restrictions.

The Consultant Shares and the COO Shares will rank pari passu with the Company's existing ordinary shares of 0.01p each.

Application has been made for the Shares to be admitted to trading on AIM ("Admission") and it is expected that Admission will become effective and dealings in the Shares will commence at 8.00 a.m. on 6 February 2017.

Following the issue of Consultant Shares and the COO Shares referred to above, there will be 2,351,448,577 Shares in issue. The figure of 2,351,448,577 Shares may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest, or a change to their interest, in the Company under the Disclosure and Transparency Rules.

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

For more information, please visit www.ir-plc.com or contact:

 
Greg Coleman             Independent Resources plc   020 7070 0447 
John Treacy             ZAI Corporate Finance Ltd.   020 7060 2220 
  Jamie Spotswood          (Nominated Adviser) 
Oliver Stansfield        Brandon Hill Capital 
 Jonathan Evans           (Broker)                   020 3463 5000 
Simon Hudson             Tavistock Communications    020 7920 3150 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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