REG - ADM Energy PLC - Subscription to raise £561,000

Adm EnergyAnnouncement

21/01/2022 07:05

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RNS Number : 1643Z  ADM Energy PLC  21 January 2022

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF
EU REGULATION 596/2014 (WHICH FORMS PART OF DOMESTIC UK LAW PURSUANT TO THE
EUROPEAN UNION (WITHDRAWAL) ACT 2018). UPON THE PUBLICATION OF THIS
ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC
DOMAIN.

 

21 January 2022

 

ADM Energy PLC

("ADM" or the "Company")

 

Subscription to raise £561,000

 

 

ADM Energy PLC (AIM: ADME; BER and FSE: P4JC), a natural resources investing
company, is pleased to announce that it has raised a total of £561,000
through a subscription from Optima Resources Holding Limited ("Optima
Resources"), a family office owned natural resources investment company
registered and based in the United Arab Emirates ("the Subscription").

 

The Subscription

 

The Company has raised, conditional on Admission (defined below), £561,000
before costs, at a subscription price of 1.11 pence per share through the
issue of 51,000,000 new ordinary shares ("Subscription Shares) to Optima
Resources, which will hold 19.96 per cent. of the Company's enlarged issued
share capital on Admission.  In connection with the Subscription, the Company
will, on Admission, issue 15.3 million warrants to Optima Resources to
subscribe for ordinary shares at an exercise price of 4.5 pence per share with
an exercise period of two years from the date of Admission ("Warrants").

 

Use of Proceeds

 

The funds will be used for general working capital including business
development and due diligence on target assets, appraisals and technical
evaluation. The Company continues to evaluate investment opportunities, which
the board considers may have the potential to add and bring in significant
value to ADM.

 

Admission to AIM and Total Voting Rights

 

Application has been  made for the Subscription Shares, which total
51,000,000 new ordinary shares and which will rank pari passu with the
Company's existing ordinary shares, to be admitted to trading on AIM
("Admission"). It is expected that Admission of the Subscription Shares will
become effective and that dealings will commence at 08.00 a.m. on or around 26
January 2022.

 

Following Admission, the Company's enlarged issued share capital will comprise
255,480,863 ordinary shares of 1 pence each with voting rights in the Company.
This figure 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 the interest in, the share capital of the
Company under the FCA's Disclosure and Transparency Rules.

 

Osamede Okhomina, CEO of ADM Energy plc, said: "We are pleased to secure
funding from a new long-term shareholder, which will be used to continue to
assess several prospects. I would like to thank our shareholders and our new
shareholder for their ongoing support and look forward to updating them as we
progress."

 

Enquiries:

 

 ADM Energy plc                                      +44 20 7459 4718
 Osamede Okhomina, CEO
 www.admenergyplc.com (http://www.admenergyplc.com)

 Cairn Financial Advisers LLP                        +44 20 7213 0880
 (Nominated Adviser)
 Jo Turner, James Caithie

 Hybridan LLP                                        +44 20 3764 2341
 (Broker)
 Claire Louise Noyce

 ODDO BHF Corporates & Markets AG                    +49 69 920540
 (Designated Sponsor)
 Michael B. Thiriot

 Luther Pendragon                                    +44 20 7618 9100
 (Financial PR)
 Harry Chathli, Alexis Gore, Tan Siddique

 

About ADM Energy PLC

 

ADM Energy PLC (AIM: ADME; BER and FSE: P4JC) is a natural resources investing
company with an existing asset base in Nigeria. ADM Energy holds a 9.2% profit
interest in the oil producing Aje Field, part of OML 113, which covers an area
of 835km² offshore Nigeria. Aje has multiple oil, gas, and gas condensate
reservoirs in the Turonian, Cenomanian and Albian sandstones with five wells
drilled to date.

 

ADM Energy is seeking to build on its existing asset base in Nigeria and
target other investment opportunities across the West African region in the
oil and gas sector with attractive risk reward profiles such as proven nature
of reserves, level of historic investment, established infrastructure and
route to early cash flow.

 

Forward Looking Statements

 

Certain statements in this announcement, are, or may be deemed to be, forward
looking statements. Forward looking statements are identified by their use of
terms and phrases such as "believe", "could", "should", "envisage'',
"estimate", "intend", "may", "plan", "potentially", "expect", "will" or the
negative of those, variations or comparable expressions, including references
to assumptions. These forward looking statements are not based on historical
facts but rather on the Directors' current expectations and assumptions
regarding the Company's future growth, results of operations, performance,
future capital and other expenditures (including the amount, nature and
sources of funding thereof), competitive advantages, business prospects and
opportunities. Such forward looking statements reflect the Directors' current
beliefs and assumptions and are based on information currently available to
the Directors.

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