REG - Aminex PLC - Strategic Placing to fund Aminex to Ntorya Revenue

AminexAnnouncement

06/10/2025 07:00

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RNS Number : 1650C  Aminex PLC  06 October 2025

6 October 2025

 

Aminex plc

("Aminex" or "the Company")

 

Strategic Placing to fund Aminex to Ntorya Revenues

 

The Company is pleased to announce that it has successfully raised £2,925,000
(approximately $3.94 million) before expenses to fund the Company to the
expected receipt of revenue from first gas production at the Ntorya field,
currently projected for September 2026, through the issue of 177,272,727 new
ordinary shares in the capital of Aminex (the "Placing") at a price of Stg
1.65p per share (the "Placing Shares").

The board of Aminex has taken the strategic decision to seek funds at this
stage to meet its forecasted running costs (before contingent liabilities) to
receipt of revenues from Ntorya, in place of continuing to draw down the
remaining amount from the funding facility the Company currently has with its
largest shareholder, Eclipse Investments LLC ("Eclipse"). As previously
announced, the Company has drawn down $1.50 million of the funding facility
and this sum (together with accrued interest of approximately $102,000) will
be converted by Eclipse into equity in the Company, leaving the Company debt
free and increasing Eclipse's shareholding by 72,061,293 shares in the Company
(the "Converted Shares") (the Placing Shares and the Converted Shares,
together the "New Shares"). Eclipse's total shareholding in the Company will
increase from 1,153,536,807 shares (27.34%) to 1,225,598,100 shares (27.43%).

Pursuant to the Placing, each placee and Eclipse will receive one warrant for
each New Share. Each warrant will give the holder the right to subscribe for
one new ordinary share at a price of Stg 2.50p per ordinary share, exercisable
for a period of 24 months from the date of issuance.

The New Shares will represent in aggregate 5.91% of the existing issued
ordinary share capital of the Company and are being issued under existing
general allotment authorities granted by shareholders at the Company's Annual
General Meeting on 24 July 2025.

Applications will be made to the Financial Conduct Authority ("FCA") and the
London Stock Exchange for the New Shares to be admitted to the FCA's Official
List (Equity Shares (transition)) and to trading on the main market of the
London Stock Exchange ("Admission"). It is expected that Admission will become
effective and that dealings will commence in the New Shares at 8.00 a.m.
(London time) on 20 October 2025. Following Admission, the enlarged share
capital and the total voting rights of the Company will be 4,468,501,044.

Pursuant to the Placing, Axis Capital Markets Limited has been appointed joint
broker to the Company, alongside Shard Capital Partners LLP.

Ntorya Development

As previously announced, an updated Field Development Plan was submitted by
the operator, ARA Petroleum Tanzania ("APT"), outlining a phased approach with
a 35-year production horizon and a materially higher gas plateau of 280
MMscfd, exceeding Tanzania's current national production. In addition:

·    following the award of the EPC contract for the construction of the
pipeline from Ntorya to Madimba in July 2025 (the "Pipeline"):

o  the procurement process for the necessary pipe and equipment has
commenced;

o  topographical and geotechnical surveys of the area have commenced;

o  mobilisation of construction equipment to the area will now begin later
this month;

o  groundwork and pipelaying will commence in January 2026 with completion by
July 2026;

·    first gas from Ntorya-2 ("NT-2") is expected approximately one month
after Pipeline completion with revenues expected shortly after;

·    subject to success on the proposed Chikumbi-1 well ("CH-1") and once
the Ntorya-1 well ("NT-1") is worked over, production is expected to reach 60
MMscfd from the three wells (NT-2, NT-1 and CH-1);

·    the rig tender process for the drilling of CH-1 and workover of NT-1
is ongoing;

·    the Ntorya development is expected to have a strategic national
impact, positioned to alleviate energy poverty by replacing polluting fuels,
expanding reliable gas supply for power, industry and agriculture, and
strengthening Tanzania's long-term energy security;

·    the Company's carry from the Ruvuma PSA Farm-Out is still expected to
cover its share of costs through to commercial production and beyond, whilst
ongoing G&A costs have been maintained at recent historically low levels.

Charles Santos, Executive Chairman of Aminex commented:

"With the construction phase of the Ntorya Development underway, this
strategic placement and conversion of debt to equity by Eclipse, which
increases its holding, now leaves the Company debt-free and fully funded
through to expected receipt of revenues next year. We are thankful for the
participation of all the investors, including our largest shareholder,
Eclipse, and look forward to providing further updates on the progress on our
important and exciting project in the coming weeks and months."

 

The information contained within this announcement is deemed to constitute
inside information as stipulated under the retained EU law version of the
Market Abuse Regulation (EU) No. 596/2014 (the "UK MAR") which is part of UK
law by virtue of the European Union (Withdrawal) Act 2018. The information is
disclosed in accordance with the Company's obligations under Article 17 of the
UK MAR. Upon the publication of this announcement, this inside information is
now considered to be in the public domain.

 

 For further information:

 Aminex PLC                            +44 203 355 9909
 Charles Santos, Executive Chairman

 Knights Media & Public Relations      +44 203 653 0200
 Jason Knights, Sabina Zawadzki

 Shard Capital Partners                +44 204 530 6926
 Damon Heath

 Axis Capital Markets                  +44 203 026 0320
 Richard Hutchison

 

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