Successful Debt Extension

RNS Number : 6908W

Ascent Resources PLC

24 December 2021

 

24 December 2021

Ascent Resources plc

("Ascent" or the "Company")

Successful Debt Extension

Ascent Resources Plc (LON: AST), the onshore Caribbean, Hispanic American and European focused natural resources company, is pleased to announce it has successfully extended the maturity of its outstanding loan obligations to provide a runway for the continuing execution of its ESG Metals strategy.

Further to the announcement of 14 February 2020, the Company re-organised its debt owed to Riverfort (the "Lender"), which totalled £375,020 at the time, to be a zero coupon bullet repayment falling due for repayment on the 14 February 2022.  The Company has since repaid £105,000 of the outstanding loan balance and therefore £270,020 remains currently outstanding. The Company and the Lender have now agreed to extend the maturity of the loan so that it is repayable in six equal monthly cash instalments of £45,003 per month commencing on 14 February 2023 with the loan being redeemed in full by 14 July 2023.

Additionally, further to the announcement of 1 December 2020, the Company entered into a £500,000 loan facility, of which a balance of £250,000 plus 8% coupon currently remains owed to the Lender, with all other amounts borrowed under this facility having already been repaid via the exercise of the 7.5 pence warrants that were issued to the investors at the same time. The outstanding balance was due to mature on 31 December 2021, however the Company and the Lender have agreed to extend the maturity date to 31 December 2022 when the loan plus accrued coupon will now become payable.

As part of the loan maturity extension agreements, the Company has agreed to issue the Lender 3,600,000 new equity warrants, exercisable at 7.5 pence per new warrant share at any time over the next two years.

Enquiries:

Ascent Resources plc Andrew Dennan	Via Vigo Communications
WH Ireland, Nominated Adviser & Broker James Joyce / Sarah Mather	0207 220 1666
Novum Securities, Joint Broker John Belliss	0207 399 9400

 

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