Completion of £10,000,000 Subscription

RNS Number : 8746H

Echo Energy PLC

13 June 2017

 

Echo Energy plc

("ECHO" or the "Company")

Completion of £10,000,000 Subscription

Echo is delighted to announce today the completion of the Subscription announced on 19 May 2017,

As previously announced, Pegasus A. Fund Ltd. SAC ("Pegasus"), or other parties procured by Pegasus, agreed to subscribe for 98,765,429 new Ordinary Shares (the "Subscription Shares") at a price of 10.125p per share to raise gross proceeds of approximately GBP 10,000,000 before expenses (the "Subscription").  Echo now confirms that Pegasus and other institutional investors will be issued with the Subscription Shares and the Warrants to take effect on 14 June 2017.

Application has been made for the Subscription Shares, which will rank pari passu with the existing ordinary shares, to be admitted to trading on AIM ("Admission").  Admission is expected to occur on 14 June 2017.

Following Admission, the total number of voting rights in the Company will be 361,473,066 ordinary shares. This number may be used by shareholders 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 Company under the FCA's Disclosure and Transparency Rules.

For further information please contact:

Echo Energy

James Parsons, Chairman                                                                                            [e-mail]

Fiona MacAulay, Chief Executive Officer                                                              [e-mail]

ZAI Corporate Finance Limited - Nominated Adviser                                      [phone]

John Treacy

 Brandon Hill Capital Limited - Broker                                                                    [phone]

Jonathan Evans / Oliver Stansfield

 Vigo Communications - PR Adviser                                                                        [phone]

Patrick d'Ancona

Chris McMahon

Alexandra Roper

The information contained within this announcement is considered to be inside information prior to its release as defined in Article 7 of the Market Abuse Regulation No. 596/2014 and is disclosed in accordance with the Company's obligations under Article 17 of those Regulations.

 

END

 

 

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