REG - Ascent Resources PLC - Placing of shares and conversion of loan notes <Origin Href="QuoteRef">ASCR.L</Origin>

Ascent ResourcesAnnouncement

07/04/2016 07:05

RNS Number : 4327U
Ascent Resources PLC
07 April 2016
Ascent Resources plc
("Ascent" or "the Company")
500,000 Placing of shares via Primarybid.com and conversion of loan notes
The Board of Ascent is pleased to announce that it has raised 500,000 gross (477,500 net to the Company) via the placing of 35,714,285 new ordinary shares of 0.2p each in the Company at a price of 1.4p per Placing Share ("Placing Shares") with investors using the Primarybid.com platform. 
These funds will meet the working capital requirements of the Company until the end of Q2 2016 during which time the final outcome of the IPPC Permit and negotiations around an alternative route to first gas are expected.
Issue of equity through conversion of loan notes
Ascent further announces that it has received notices of exercise to convert 81,681 nominal of convertible loan notes ("Loan Notes") plus 10,311.93 interest accrued. The Loan Notes are convertible into new ordinary shares of 0.2p in the Company ("Ordinary Shares") at a rate of 100 new Ordinary Shares per 1 Loan Note nominal or interest. Consequently, a total of 9,199,293 new Ordinary Shares ("the Conversion Shares") will be issued pursuant to the notices.
Accordingly, the Company has 11,963,678.76 of remaining convertible loan notes (including rolled-up interest) due in November 2016.
Admission of Ordinary Shares
The Company has applied for admission of the aggregate 44,913,578 Placing Shares and Conversion Shares to trading on AIM. Dealings are expected to become effective on 12 April 2016 ("Admission"). Following Admission, the Company will have 202,220,478 Ordinary Shares in issue with each Ordinary Share carrying the right to one vote. There are no Ordinary Shares currently held in treasury. The total number of voting rights in the Company therefore will be 202,220,478 and this figure 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 Financial Conduct Authority's Disclosure and Transparency Rules.
Enquiries:
Ascent Resources plc
Clive Carver, Chairman
Colin Hutchinson, Interim CEO
0207 251 4905
Stockdale Limited, Nominated Adviser
Alastair Stratton
Richard Johnston
Edward Thomas
0207 601 6100
IFC Advisory Ltd, Financial PR and IR 
Graham Herring
Tim Metcalfe
Heather Armstrong
0203 053 8671
PrimaryBid
Dave Mutton
Anand Sambasivan
020 7491 6519

This information is provided by RNS
The company news service from the London Stock Exchange
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