Block Admission, Warrant Exercise and TVR
FOR IMMEDIATE RELEASE
Independent Resources plc
("IRG" or the "Company")
Block Admission, Warrant Exercise and Total Voting Rights
Block Admission
The Company announces that applications have been made for the block admissions of up to a total of 641,547,936 ordinary shares of 0.1p each in the Company (the "New Ordinary Shares") to trading on AIM (the "Block Admissions") relating to eight warrant instruments, already in existence.
New Ordinary Shares are expected to be issued from time to time pursuant to the exercise of warrants to subscribe for ordinary shares of 0.1p each in the Company ("Ordinary Shares") which will, when issued, rank pari passu with the Company's existing Ordinary Shares.
The Block Admissions have been made in respect of the issue of Ordinary Shares pursuant to the exercise of:
(i) Warrants issued by the Company in 2015 to subscribe for new Ordinary Shares at a price of 1.5p per new Ordinary Share (the "May 2015 Warrants - Batch 1");
(ii) Warrants issued by the Company in 2015 to subscribe for new Ordinary Shares at a price of 1.2p per new Ordinary Share (the "May 2015 Warrants - Batch 2");
(iii) Warrants issued by the Company in 2015 to subscribe for new Ordinary Shares at a price of 1.5p per new Ordinary Share (the "May 2015 Warrants - Batch 3");
(iv) Warrants issued by the Company in 2015 to subscribe for new Ordinary Shares at a price of 1.5p per new Ordinary Share (the "July 2015 Warrants");
(v) Warrants issued by the Company in 2015 to subscribe for new Ordinary Shares at a price of 1.0p per new Ordinary Share (the "November 2015 Warrants - Batch 1");
(vi) Warrants issued by the Company in 2015 to subscribe for new Ordinary Shares at a price of 0.72p per new Ordinary Share (the "November 2015 Warrants - Batch 2");
(vii) Warrants issued by the Company in 2015 to subscribe for new Ordinary Shares at a price of 0.12p per new Ordinary Share (the "December 2016 Warrants - Batch 1"); and
(viii) Warrants issued by the Company in 2015 to subscribe for new Ordinary Shares at a price of 0.08p per new Ordinary Share (the "December 2016 Warrants - Batch 2");
|
May 2015 Warrants - Batch 1 |
9,200,000 |
|
May 2015 Warrants - Batch 2 |
4,000,000 |
|
May 2015 Warrants - Batch 3 |
30,800,000 |
|
July 2015 Warrants |
8,724,019 |
|
November 2015 Warrants - Batch 1 |
133,333,333 |
|
November 2015 Warrants - Batch 2 |
6,000,000 |
|
December 2016 Warrants - Batch 1 |
401,578,334 |
|
December 2016 Warrants - Batch 2 |
47,912,250 |
|
Total: |
641,547,936 |
The Block Admissions are expected to be effective from 05 April 2017.
Warrant Exercise
The Company also announces that it has received exercise notices from certain of its warrant holders to exercise 10,000,000 warrants into New Ordinary Shares as per the table below:
|
Exercise price |
No. of warrants being exercised |
|
0.12p |
10,000,000 |
|
Total: |
10,000,000 |
The total consideration received by the Company pursuant to the warrant exercise will be £12,000.00.
Application will be made for the 10,000,000 New Ordinary 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 05 April 2017.
Total Voting Rights
Following Admission, the total number of voting rights in the Company will be 3,911,086,881 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.
James Parsons, Chairman, commented:
"As we approach the end of the open offer we are pleased to confirm this block listing which enables the Company to handle future warrant exercises in a cost effective and efficient manner.
The team and I look forward to meeting investors at the General Meeting on 18th April where we will reveal the next step of the Echo Energy journey."
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.
For more information, please visit www.ir-plc.com or contact:
|
James Parsons Greg Coleman |
|
Echo Energy plc Echo Energy plc |
g.coleman@echoenergyplc.com |
|
John Treacy |
|
ZAI Corporate Finance Ltd. |
020 7060 2220 |
|
Oliver Stansfield |
|
Brandon Hill Capital |
020 3463 5000 |
This information is provided by RNS
Latest directors dealings
- 59 minutes ago Judges Scientific
- 1 hour ago AB Dynamics
- 1 hour ago Henry Boot
- 1 hour ago TPXimpact Holdings
- 1 hour ago Ithaca Energy