Release of GasRock Capital Guarantee
March 24 2009 - 9:00AM
UK Regulatory
TIDMIVE
RNS Number : 3847P
Irvine Energy PLC
24 March 2009
Irvine Energy plc / Index: AIM / Epic: IVE / Sector: Exploration & Production
24 March 2009
Irvine Energy plc ('Irvine' or 'the Company')
Release of GasRock Capital Guarantee
Irvine Energy plc, the AIM listed oil and gas exploration and production
company, has entered into an agreement with GasRock Capital LLC ('GasRock'),
which releases Irvine from its guarantee of the obligations of its wholly owned
subsidiaries, Wattle Energy Corporation and Pinon Energy LLC under the credit
agreement dated 28 May 2008. The release has been given in consideration of the
Company paying GBP370,000 to GasRock.
In addition, the Company has agreed to grant GasRock an option ('Option') within
two months to subscribe for 100 million ordinary shares in the Company for 0.1
pence per share. Currently, the Board does not have sufficient authority to
issue the shares the subject of the Option. Accordingly, the Company will
convene a general meeting to enable shareholders to authorise the Board to allot
the Company's share capital and to waive pre-emption rights. A notice of
general meeting will be issued shortly.
Further information in respect of a work out of GasRock's security over the
group's assets will be provided in due course.
The Company's shares will remain suspended until further notice.
* * ENDS * *
For further information please visit http://www.irvineenergy.com or contact:
+---------+------------+-----------+
| Michael | Irvine | Tel: |
| Frayne | Energy | +44 |
| | plc | (0) 20 |
| | | 7766 7500 |
+---------+------------+-----------+
| Rob | Evolution | Tel: |
| Collins | Securities | +44 |
| | | (0) 20 |
| | | 7071 4300 |
+---------+------------+-----------+
| Adam | Evolution | Tel: |
| James | Securities | +44 |
| | | (0) 20 |
| | | 7071 4300 |
+---------+------------+-----------+
| Hugo | St | Tel: |
| de | Brides | +44 |
| Salis | Media | (0) 20 |
| | & | 7236 1177 |
| | Finance | |
+---------+------------+-----------+
This information is provided by RNS
The company news service from the London Stock Exchange
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