Investment Facility Part Settlement and TVR

RNS Number : 7103A

Scirocco Energy PLC

27 September 2022

 

27 September 2022

Scirocco Energy plc

("Scirocco" or the "Company")

Investment Facility Part Settlement and TVR 

Scirocco Energy (AIM: SCIR), the AIM investing company targeting attractive assets within the European sustainable energy and circular economy markets , announces that the subscriber (the "Subscriber") under the share subscription deed governing the investment facility ("Investment Facility"), the details of which were announced to the market on 29 June 2020, has issued the Company a settlement notice for US$100,000.

This notice, means that an aggregate US$1.625 million of the total US$2.0 million subscribed for to date by the Subscriber pursuant to the Investment Facility has been settled through the issue of new ordinary shares in Scirocco.

Following discussions with the Subscriber, and having taken legal advice, the Company is satisfied that, notwithstanding the result of voting at the Company's 2022 AGM, it is not in default of any of its current obligations in respect of the Investment Facility and that any further obligation to issue shares to the Subscriber, including pursuant to this part settlement, can be satisfied from the non-pre-emptive allotment authority granted by Shareholders at the Company's 2020 AGM in respect of the Investment Facility.

Accordingly, the Company has issued and allotted 44,923,630 ordinary shares, with a deemed price of £0.0020 ("Settlement Shares") to the Subscriber. The Subscriber's investment was made as a prepayment for ordinary shares in the Company, the number (and price) of which were to be determined at the time the Subscriber elected to receive such shares, according to the average of five daily volume-weighted average prices during the twenty trading days prior to the date of such election.

Application will be made for the Settlement Shares to be admitted to trading on AIM with admission expected to take place on or around 30 September 2022 ("Admission"). The Settlement Shares will rank pari passu in all respects with all existing ordinary shares in the Company.

Following Admission, the Company's enlarged issued share capital will comprise 900,496,099 ordinary shares with voting rights.

This figure of 900,496,099 ordinary shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the Disclosure Rules and Transparency Rules of the United Kingdom Financial Conduct Authority.

For further information:

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

 

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