Conversion of Warrants Generates £80,000

RNS Number : 9451D
Prospex Energy PLC
25 October 2022
 

 

Prospex Energy PLC / Index: AIM / Epic: PXEN / Sector: Oil and Gas

 

25 October 2022

 

Prospex Energy PLC

('Prospex' or the 'Company')

 

Conversion of Warrants and TVR

Conversion of Warrants Generates £80,000

 

 

Prospex Energy PLC, the AIM-quoted investment company focused on European gas and power projects, announces that it has received notices for the exercise of warrants to subscribe for 2,666,666 new ordinary shares of 0.1p each in the Company ("Ordinary Shares").  The warrants were issued pursuant to warrant agreements dated 23 February 2022 which related to a placing announced by the Company in March 2021.  The exercise price is 3 pence per warrant exercised, therefore generating proceeds of £79,999.98 for the Company.

 

Admission to Trading and Total Voting Rights

 

The Company has applied to the London Stock Exchange for admission of 2,666,666 new Ordinary Shares to trading on AIM ('Admission').  Admission is expected to occur on or around 28 October 2022.  There are currently 274,980,846 Ordinary Shares in issue.  Following Admission, subject to the 2,666,666 New Shares being allotted and issued there will be a total of 277,647,512 Ordinary Shares in issue.  This will be the number of Ordinary Shares that 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.

 

Mark Routh, CEO of Prospex Energy commented:

"Approximately 92% of the 25 million 3p warrants originally issued in March 2021 have now been converted with only 1,866,684 3p warrants remaining, which when fully exercised will have generated £750,000 income for the Company.

 

"Whilst we are pleased to have received the funds from these warrant conversions, I am glad to report that the present Board does not expect to issue any further warrants and it believes that the Company now has sufficient working capital to first gas from Selva, which is expected early next year.  We look forward to meeting the Company's future day-to-day capital requirements from existing resources and future revenue streams generated by the Company."  

 

 

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR") and is disclosed in accordance with the Company's obligations under Article 17 of MAR.

 

* * ENDS * *

 

For further information visit www.prospex.energy or contact the following:

 

 

Mark Routh

Prospex Energy PLC

Tel: +44 (0) 20 7236 1177

Ritchie Balmer
Rory Murphy

Strand Hanson Limited

Tel: +44 (0) 20 7409 3494

Andrew Monk (Corporate Broking)
Andrew Raca/Alex Cabral (Corporate Finance)

VSA Capital Limited

Tel: +44 (0) 20 3005 5000

Colin Rowbury
Jon Belliss

Novum Securities Limited

Tel: +44 (0) 20 7399 9427

Susie Geliher
Ana
Ribeiro

St Brides Partners Limited

 

Tel: +44 (0) 20 7236 1177

 

 

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