REG - ADM Energy PLC - Subscription Update and Issue of Equity

Adm EnergyAnnouncement

28/10/2022 16:30

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RNS Number : 5476E  ADM Energy PLC  28 October 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.

 

28 October 2022

 

ADM Energy PLC

("ADM" or the "Company")

 

 

Subscription Update and Issue of Equity

 

 

Following the Company's announcement on 17 October 2022, ADM Energy PLC (AIM:
ADME; BER and FSE: P4JC), a natural resources investing company, is pleased to
advise that the balance of the subscription proceeds of £400,000 (the
"Subscription") from Tennessee Black Gold LLC ("Tennessee Black Gold" or the
"Subscriber") has been provided in full.

 

The Subscription

 

As per the terms of the subscription agreement, the Company has raised
£500,000 net through the issue of 41,666,667 new ordinary shares
("Subscription Shares") to Tennessee Black Gold at a subscription price of 1.2
pence per share, which will represent 14.0% per cent of the Company's enlarged
issued share capital on Admission (defined below).

 

In addition, as set out in the Company's announcement of 17 October 2022, the
Subscriber has additionally agreed to provide to the Company a loan facility
of $250,000.00, to be advanced in five monthly instalments of US$50,000.00
each.  The first instalment of the loan is in the process of being remitted
and expected to be received shortly.

 

Directorate Change

 

In addition, the Company announces that with the subscription now completing,
Osa Okhomina will step down from the Board of Directors and his position as
Chief Executive Officer ("CEO") from the end of October.  The Company is
continuing the recruitment process for a new CEO and will update the market in
due course.

 

Admission and Total Voting Rights

 

Application has been made for the the Subscription Shares, which total
41,666,667 new ordinary shares and which 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 am on or around 4 November 2022.

 

Following Admission, the Company's enlarged issued share capital will comprise
297,147,530 ordinary shares of £0.01 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.

 

Enquiries:

 

 ADM Energy plc                                      +44 20 7459 4718
 Oliver Andrews, Chairman
 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

 Gracechurch Group                                   +44 20 4582 3500
 (Financial PR)
 Harry Chathli, Alexis Gore, Henry Gamble

 

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.

 

About Tennessee Black Gold LLC

 

Tennessee Black Gold LLC is a private U.S. investment company led by Claudio
Coltellini, an Italian national who for the last 13 years has invested in U.S.
oil and gas and leads four private companies with assets in the states Texas,
Louisiana, Kansas and California.

 

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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