Investment Facility - further closing

RNS Number : 7279P

Scirocco Energy PLC

20 October 2021

 

20 October 2021

Scirocco Energy plc

("Scirocco Energy" or "the Company")

Investment Facility - further closing

Scirocco Energy (AIM: SCIR), the AIM investing company  targeting attractive assets within the European sustainable energy and circular economy markets is pleased to announce the completion of a further closing under its previously announced investment facility with Prolific Basins LLC, a U.S. based specialist energy focused investor.

Prolific Basins LLC, as subscriber under the share subscription deed governing the investment facility (the "Investment Facility"), has made a further investment of US$1,000,000 into the Company by way of a prepayment of ordinary shares under the Investment Facility, the details of which were announced to the market on 29 June 2020 and amended on 25 June 2021.

Application will be made to the London Stock Exchange for the admission to trading on AIM of any ordinary shares issued and allotted in the future in relation to the prepayment. Such ordinary shares will rank pari pasu in all respects with all existing ordinary shares in the Company. Such ordinary shares will only be issued to the extent that the Company has corporate authority to do so.

The proceeds from the prepayment will be used by the Company to fund investments within sustainable energy and circular economy markets.

The Investment Facility also provides that Prolific Basins LLC may invest a further additional US$3,000,000, with the consent of the Company only, provided that the aggregate amount invested under the Investment Facility cannot exceed US$5,000,000.

Tom Reynolds, Scirocco Energy CEO commented "This is very positive news for the Company. Seeing the prepayment taken up to the maximum initial level under the terms of the amended Investment Facility clearly demonstrates continuing support for Scirocco and its new investment policy."

This announcement contains inside information for the purposes of Article 7 of EU Regulation No. 596/2014, which forms part of United Kingdom domestic law by virtue of the European (Withdrawal) Act 2018.

For further information:

Scirocco Energy plc Tom Reynolds, CEO Doug Rycroft, COO	[phone]
Strand Hanson Limited, Nominated Adviser James Spinney / Ritchie Balmer / Rory Murphy	[phone]
WH Ireland Limited, Broker Harry Ansell / Katy Mitchell	[phone]
Buchanan, Financial PR Ben Romney / Jon Krinks / James Husband	[phone]

 

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