7 February 2024
Echo Energy
plc
("Echo" or the
"Company")
Issue of Equity and Total
Voting Rights
Echo Energy plc is pleased to
announce that is has raised £168,400 (before expenses), pursuant to
a direct subscription for, in aggregate, 3,742,222,222 new Ordinary
Shares of 0.0001 pence each (the "Subscription Shares") at an issue
price of 0.0045 pence per new ordinary share (the "Issue Price) by
certain new investors (the "Subscription").
After broker and dealing fees, the
Company will receive net proceeds of £157,221.
The net proceeds from the
subscription will be used to advance new projects, which the
company has under consideration and for working capital
needs.
The Company has the authority to
issue and allot the New Ordinary Shares pursuant to certain
existing shareholder authorities granting such powers to the
directors at the Company's General Meeting held on 31 October
2023.
The subscription was oversubscribed
and the company has chosen to use the full remaining authorities to
satisfy investor demand.
The Company has, of today, decided
to cancel the £500,000 unsecured convertible loan note funding
facility, that was announced on the 21st December
2023.
Application has been made to the
London Stock Exchange for the New Ordinary Shares to be admitted to
trading on AIM ('Admission') and it is expected that such Admission
is expected to take place on or around 8.00 a.m. on 12
February 2024. The new ordinary shares, which will rank pari passu
with the Company's existing ordinary shares.
In accordance with the provision of
the Disclosure Guidance and Transparency Rules of the Financial
Conduct Authority, the Company confirms that, following the issue
of the new Ordinary Shares, its issued ordinary share capital will
comprise 17,027,749,197 Ordinary shares. All of the Ordinary shares
have equal voting rights and none of the ordinary shares are held
in Treasury. The total number of voting rights in the Company
will therefore be 17,027,749,197. The above figure may be used by
shareholders as the denominator for the calculations to determine
if they are required to notify their interests in, or change to
their interest in, the Company.
For further
information please contact:
|
Echo Energy
Stephen Birrell, Chief Executive
Officer
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info@echoenergyplc.com
|
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Cavendish Capital Markets Limited (Nominated
Adviser)
Adrian Hadden
Ben Jeynes
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Tel: 44 (0)20 7220 0500
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The information contained within this announcement is deemed
by the Company to constitute inside information as stipulated under
the UK version of the EU Market Abuse Regulation 596/2014 which is
part of UK law by virtue of the European Union (Withdrawal) Act
2018, as amended and supplemented from time to time. Upon the
publication of this announcement, this inside information is now
considered to be in the public domain