Exercise of Warrants and Issue of Equity

RNS Number : 1466X

ADM Energy PLC

26 August 2020

 

THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED TO CONSTITUTE INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) NO. 596/2014.  UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

26 August 2020

ADM Energy PLC 

("ADM" or the "Company") 

Exercise of Warrants and Issue of Equity

ADM Energy PLC (AIM: ADME; BER and FSE: P4JC), a natural resources investing company, announces that it has received notification for the exercise of warrants from participants ("the Lenders") in the £200,000 loan facility announced on 27 April 2020. The exercise of warrants is over 5,208,333 ordinary shares of 1 pence each in the capital of the Company ("Ordinary Shares") at a price of 2.4 pence per share.

The proceeds of the warrant exercise amounts to £125,000 and have been applied against the original loan amount from the Lenders. The Company has also issued an additional 416,667 Ordinary Shares at a price of 2.4 pence per share to one of the Lenders to settle the £10,000 interest accrued on the Lender's original loan. Following the exercise of warrants, £175,000 of the £200,000 loan facility has now been repaid.

Admission to AIM and Total Voting Rights

Application will be made for the new ordinary shares, which total 5,625,000, to be admitted to trading on AIM.  The new ordinary shares will rank pari passu with the existing ordinary shares. It is expected that Admission of the Shares will become effective and that dealings will commence at 8.00 a.m. on or around 2 September 2020.

Following Admission of the shares, the Company's enlarged issued share capital will comprise 98,029,133 Ordinary Shares of 1 pence each with voting rights in the Company. This figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in the interest in, the share capital of the Company under the FCA's Disclosure and Transparency Rules.

Enquiries:

ADM Energy plc	[phone]
Osamede Okhomina, CEO
www.admenergyplc.com
Cairn Financial Advisers LLP	[phone]
(Nominated Adviser)
Jo Turner, James Caithie
Hybridan LLP	[phone]
(Lead Broker)
Claire Louise Noyce
Pello Capital Limited	[phone]
(Joint Broker)
Dan Gee
Oddo Seydler Bank AG	[phone]
(Designated Sponsor)
Michael B. Thiriot
Luther Pendragon	[phone]
(Financial PR)
Harry Chathli, Alexis Gore, Joe Quinlan

About ADM Energy PLC

ADM Energy PLC (AIM: ADME; BER and FSE: P4JC) is a natural resources investment company with an existing asset base in Nigeria. ADM Energy holds a 5% profit interest in the Aje Field, part of OML 113, which covers an area of 835km² offshore Nigeria, and in February 2020 entered into an agreement with EER (Colobos) Nigeria Limited to acquire a further 4.2% profit interest. Aje has multiple oil, gas, and gas condensate reservoirs in the Turonian, Cenomanian, and Albian sandstones with five wells drilled to date.

ADM Energy is seeking to build on its existing asset base in Nigeria and target other investment opportunities across the West African region in the oil and gas sector with attractive risk reward profiles such as proven nature of reserves, level of historic investment, established infrastructure, route to early cash flow and exploration upside.

 

END

 

 

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