This announcement contains inside
information for the purposes of Article 7 of the UK version of
Regulation (EU) No 596/2014 which is part of UK law by virtue of
the European Union (Withdrawal) Act 2018, as amended ("MAR"). Upon
the publication of this announcement via a Regulatory Information
Service, this inside information is now considered to be in the
public domain.
9 July 2024
Echo Energy
PLC
Issue of
Equity
&
Total Voting
Rights
Echo (LON:ECHO), the Latin America
focused natural resources company, announces that pursuant to the
announcement on 6 June 2024 regarding the Conditional Convertible
Loan Note, the Company has received a Conversion Notice for
£35,000, being the balance of the of outstanding loan note.
Accordingly, the Company has today issued 1,296,296,296 new
ordinary shares of 0.0001 pence each ("New Ordinary
Shares") at a price of 0.0027 pence per New Ordinary Share,
being the lesser of: (i) 150% of the Company's closing bid price on
the trading day immediately prior to the date of draw-down of the
relevant tranche; or (ii) 90% of the lowest closing bid price in
the five trading days immediately preceding the date of conversion
as specified in the agreement.
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
will take place on or
around 8.00 a.m. on or around 15 July 2024.
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 21,649,686,518 Ordinary Shares. All 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 21,649,686,518. 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 a change to
their interest in, the Company.
For
further information please contact:
|
Echo
Stephen Birrell, Chief Executive
Officer
|
Via Vigo Consulting
echo@vigoconsulting.com
|
|
WH Ireland Limited (Nominated Adviser and
Broker)
James Joyce
James Bavister
Isaac Hooper
|
Tel: +44 (0)20 7220 0500
|
|
Vigo Consulting (Investor Relations)
Ben Simons
Peter Jacob
|
Tel: +44
(0)20 7390 0234
echo@vigoconsulting.com
|
About Echo
Following the partial divestment of
its assets in Argentina, Echo entered into
a 50:50 joint venture in Peru in July 2024 with an experienced
local partner for precious metals (gold/silver) mining and the
cleaning of known tailings deposits containing Measured and
Indicated resources of gold and silver. Through the JV, known as
Boku Resources, Echo has secured an opportunity to scale operations
in Peru producing gold and silver through primary mining and
tailings cleaning, owning 50% of the production and resources.
Initially, Boku intends to establish formalised artisanal and small
mining operations on its 100% held Tesoro Gold concession, southern
Peru, targeting early cash flow generation by Q4 2024 from an
initial 147 oz/month of gold production (estimated) through an
existing tolling plant.
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