Issue of Equity / Grant of Warrants

RNS Number : 1032W

i3 Energy PLC

06 December 2019

 

6 December 2019

i3 Energy plc

("i3" or the "Company")

Issue of Equity / Grant of Warrants

i3 Energy plc, an independent oil and gas company with assets and operations in the UK, announces that further to its announcement on 8th November 2019 ('Liberator A2 and Funding Update'), it has now received subscriptions for 14,285,715 new ordinary shares in the Company at 35 pence per share from funds managed by Bybrook Capital LLP.

In addition, BP Oil International Limited, funds managed by Lombard Odier Investment Managers group, and James Caird Asset Management, being the investors other than Bybrook who participated in the Company's May 2019 Junior Loan Notes, all took up their contractual rights to be granted warrants to subscribe for new ordinary shares in the Company (the "New Warrants") in relation to the grant to Bybrook of warrants to subscribe for up to 8 million new ordinary shares in the Company, at an exercise price of 40 pence per share, as announced on 8^th November 2019 (the "Bybrook Warrants").  The New Warrants are on the same terms as the Bybrook Warrants and have been granted over 1,503,798 new ordinary shares in the Company.

Application has been made for 14,285,715 new ordinary shares in the Company to be admitted to trading on AIM ("Admission"). Admission is expected to occur on 9^th December 2019. Following Admission, the Company will have in issue: 107,719,400 ordinary shares of £0.0001 each, and 5,000 deferred shares of £10.00 each. Shareholders may use this figure of ordinary shares as the denominator by which they are required to notify their interest in, or change to their interest in, the Company under the Disclosure Guidance and Transparency Rules.

ENDS

CONTACT DETAILS:

i3 Energy plc Majid Shafiq (CEO) / Graham Heath (CFO) c/o Camarco Tel: [phone] WH Ireland Limited (Nomad and Joint Broker) James Joyce, James Sinclair-Ford Tel: [phone] GMP FirstEnergy (Joint Broker) Jonathan Wright Tel: [phone] Canaccord Genuity Limited (Joint Broker) Henry Fitzgerald- O'Connor, James Asensio Tel: [phone] Camarco Jennifer Renwick, James Crothers Tel: [phone]

Notes to Editors: i3 is an oil and gas development company initially focused on the North Sea. The Company's core asset is the Greater Liberator Area, located in Blocks 13/23d and 13/23c, to which i3's independent reserves auditor attributes 11 MMBO of 2P Reserves, 22 MMBO of 2C Contingent Resources and 47 MMBO of mid-case Prospective Resources. The Greater Liberator Area consists of the Liberator oil field discovered by well 13/23d-8 and the Liberator West extension. The Greater Liberator Area, along with the Company's Serenity Prospect located in the northern half of Block 13/23c and for which it carries a STOIIP of 197 MMbbls, are owned and operated on a 100% working interest basis. The Company's strategy is to acquire high quality, low risk producing and development assets, to broaden its portfolio and grow its reserves and production. The information contained within this announcement is deemed by the Company to constitute inside information under the Market Abuse Regulation (EU) No. 596/2014.

 

END

 

 

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