Infinity Energy S.A.
("Infinity" or the "Company")
Update re
Strategy
The Company has recently raised £1.1m in equity from new and
existing shareholders and its outstanding loan note has been
converted into ordinary shares. The Company therefore has
approximately £1m in available cash resources, in addition to its
£150,000 investment in UK Methane Limited, held through Gas
Exploration Finance Limited.
At a board meeting of the Company held last week, it was decided
that the Company should cease its investment activities and instead
to focus on completing a suitable reverse takeover transaction as
soon as possible. In particular, the Company is investigating
a number of potential reverse takeover candidates in the oil and
gas sector. As a consequence of this Board decision,
the Company has now become an AIM Rule 15 cash shell, which means
that the Company must make an acquisition or acquisitions which
constitute a reverse takeover under Rule 14 of the AIM Rules by
12 October 2017, otherwise the
trading of the Company's shares on AIM will be suspended. If
the Company has not made an acquisition or acquisitions which
constitute a reverse takeover under Rule 14 of the AIM Rules within
six months of such suspension, the admission of the Company's
shares to trading on AIM will be cancelled.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
For further information, please
contact:
Infinity Energy S.A.
Gerwyn Williams |
Tel: +44 7889 677 397 |
Nomad
Cairn Financial Advisers LLP
Sandy Jamieson / James Caithie |
Tel: +44 207 213 0880 |
Joint-Broker
WH Ireland Limited
Paul Shackleton / Nick Prowting |
Tel: +44 207 220 1666 |
Joint-Broker
Peterhouse Corporate Finance Limited
Eran Zucker / Lucy Williams |
Tel: +44 20 7469 0930 |