TIDMIRG
RNS Number : 0639B
Independent Resources PLC
30 March 2017
FOR IMMEDIATE RELEASE
Independent Resources plc
("IRG" or the "Company")
Block Admission, Warrant Exercise and Total Voting Rights
Block Admission
The Company announces that applications have been made for the
block admissions of up to a total of 641,547,936 ordinary shares of
0.1p each in the Company (the "New Ordinary Shares") to trading on
AIM (the "Block Admissions") relating to eight warrant instruments,
already in existence.
New Ordinary Shares are expected to be issued from time to time
pursuant to the exercise of warrants to subscribe for ordinary
shares of 0.1p each in the Company ("Ordinary Shares") which will,
when issued, rank pari passu with the Company's existing Ordinary
Shares.
The Block Admissions have been made in respect of the issue of
Ordinary Shares pursuant to the exercise of:
(i) Warrants issued by the Company in 2015 to subscribe for new
Ordinary Shares at a price of 1.5p per new Ordinary Share (the "May
2015 Warrants - Batch 1");
(ii) Warrants issued by the Company in 2015 to subscribe for new
Ordinary Shares at a price of 1.2p per new Ordinary Share (the "May
2015 Warrants - Batch 2");
(iii) Warrants issued by the Company in 2015 to subscribe for
new Ordinary Shares at a price of 1.5p per new Ordinary Share (the
"May 2015 Warrants - Batch 3");
(iv) Warrants issued by the Company in 2015 to subscribe for new
Ordinary Shares at a price of 1.5p per new Ordinary Share (the
"July 2015 Warrants");
(v) Warrants issued by the Company in 2015 to subscribe for new
Ordinary Shares at a price of 1.0p per new Ordinary Share (the
"November 2015 Warrants - Batch 1");
(vi) Warrants issued by the Company in 2015 to subscribe for new
Ordinary Shares at a price of 0.72p per new Ordinary Share (the
"November 2015 Warrants - Batch 2");
(vii) Warrants issued by the Company in 2015 to subscribe for
new Ordinary Shares at a price of 0.12p per new Ordinary Share (the
"December 2016 Warrants - Batch 1"); and
(viii) Warrants issued by the Company in 2015 to subscribe for
new Ordinary Shares at a price of 0.08p per new Ordinary Share (the
"December 2016 Warrants - Batch 2");
May 2015 Warrants
- Batch 1 9,200,000
------------------------ ------------
May 2015 Warrants
- Batch 2 4,000,000
------------------------ ------------
May 2015 Warrants
- Batch 3 30,800,000
------------------------ ------------
July 2015 Warrants 8,724,019
------------------------ ------------
November 2015 Warrants
- Batch 1 133,333,333
------------------------ ------------
November 2015 Warrants
- Batch 2 6,000,000
------------------------ ------------
December 2016 Warrants
- Batch 1 401,578,334
------------------------ ------------
December 2016 Warrants
- Batch 2 47,912,250
------------------------ ------------
Total: 641,547,936
------------------------ ------------
The Block Admissions are expected to be effective from 05 April
2017.
Warrant Exercise
The Company also announces that it has received exercise notices
from certain of its warrant holders to exercise 10,000,000 warrants
into New Ordinary Shares as per the table below:
Exercise No. of warrants
price being exercised
--------- -----------------
0.12p 10,000,000
--------- -----------------
Total: 10,000,000
--------- -----------------
The total consideration received by the Company pursuant to the
warrant exercise will be GBP12,000.00.
Application will be made for the 10,000,000 New Ordinary Shares,
which will rank pari passu with the existing ordinary shares, to be
admitted to trading on AIM ("Admission"). Admission is expected to
occur on 05 April 2017.
Total Voting Rights
Following Admission, the total number of voting rights in the
Company will be 3,911,086,881 ordinary shares. This number may be
used by shareholders 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 Company under
the FCA's Disclosure and Transparency Rules.
James Parsons, Chairman, commented:
"As we approach the end of the open offer we are pleased to
confirm this block listing which enables the Company to handle
future warrant exercises in a cost effective and efficient
manner.
The team and I look forward to meeting investors at the General
Meeting on 18th April where we will reveal the next step of the
Echo Energy journey."
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) 596/2014.
For more information, please visit www.ir-plc.com or
contact:
James Parsons Echo Energy plc j.parsons@echoenergyplc.com
Greg Coleman Echo Energy plc g.coleman@echoenergyplc.com
ZAI Corporate Finance
John Treacy Ltd. 020 7060 2220
Jamie Spotswood (Nominated Adviser)
Oliver Stansfield Brandon Hill Capital
Jonathan Evans (Broker) 020 3463 5000
This information is provided by RNS
The company news service from the London Stock Exchange
END
STRURRSRBKAOOAR
(END) Dow Jones Newswires
March 30, 2017 10:13 ET (14:13 GMT)
Echo Energy (LSE:ECHO)
Historical Stock Chart
From Apr 2024 to May 2024
Echo Energy (LSE:ECHO)
Historical Stock Chart
From May 2023 to May 2024
