Advance Energy PLC Placing and Issue of Equity (1723F)

TIDMADV

RNS Number : 1723F

Advance Energy PLC

12 November 2020

Advance Energy plc

("Advance Energy" or the "Company")

Placing and Issue of Equity

Advance Energy plc ( AIM:ADV ), the energy company seeking growth through acquisition or farm-in to non-operated interests in discovered upstream projects, announces that it has raised GBP300,000 (gross) by way of a placing ("Placing") of 136,363,636 new ordinary shares of no par value in the Company ("Ordinary Shares") (the "Placing Shares") at a price of 0.22 pence per Placing Share ("Placing Price") through Optiva Securities Ltd ("Optiva"), the Company's joint broker.

Use of Proceeds

The Company intends to utilise the net proceeds of the Placing to provide funds for progressing new venture opportunities and for general working capital purposes.

Issue of Equity

In addition to the Placing Shares, the Company has agreed to issue 21,416,515 Ordinary Shares at the Placing Price to various creditors to settle outstanding amounts ("Additional Shares").

Admission

The Placing is subject to normal conditions including, inter alia, admission of the Placing Shares to trading on AIM.

The Placing Shares and Additional Shares will rank pari passu with the existing Ordinary Shares and application will be made for the Placing Shares and Additional Shares to be admitted to trading on AIM ("Admission"). It is expected that Admission will become effective and dealings in the Placing Shares and Additional Shares will commence at 8.00 a.m. on 18 November 2020.

Following Admission, the Company's issued share capital will consist of 1,718,417,116 Ordinary Shares with voting rights. There are no Ordinary Shares held in treasury. The figure of 1,718,417,116 may be used by shareholders, following Admission, 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 share capital of the Company under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.

Enquiries:

Buchanan (Public Relations)

   Ben Romney / Kelsey Traynor                                    +44 (0)20 7466 5000

Beaumont Cornish Limited (Nominated Adviser)

   Roland Cornish / James Biddle                                    +44 (0) 20 7628 3396

Optiva Securities Limited (Joint Broker)

   Christian Dennis                                                               +44 (0)20 3411 1881

Novum Securities Limited (Joint Broker)

   Colin Rowbury                                                                   +44 (0)20 7399 9427 
   For further information, please visit www.advanceplc.com   and @advanceplc on Twitter

To register for Advance's email alerts, please complete the following form: https://www.advanceplc.com/media-centre/news/#alerts

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No 596/2014 ("MAR").

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

IOEBSBDBUXBDGGD

(END) Dow Jones Newswires

November 12, 2020 09:37 ET (14:37 GMT)

Andalas Energy And Power (LSE:ADL)
Graphique Historique de l'Action
De Déc 2024 à Jan 2025