REG - Ascent Resources PLC - Successful Debt Extension

Ascent ResourcesAnnouncement

24/12/2021 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20211224:nRSX6908Wa&default-theme=true

RNS Number : 6908W  Ascent Resources PLC  24 December 2021

24 December 2021

Ascent Resources plc

("Ascent" or the "Company")

Successful Debt Extension

 

Ascent Resources Plc (LON: AST), the onshore Caribbean, Hispanic American and
European focused natural resources company, is pleased to announce it has
successfully extended the maturity of its outstanding loan obligations to
provide a runway for the continuing execution of its ESG Metals strategy.

Further to the announcement of 14 February 2020, the Company re-organised its
debt owed to Riverfort (the "Lender"), which totalled £375,020 at the time,
to be a zero coupon bullet repayment falling due for repayment on the 14
February 2022.  The Company has since repaid £105,000 of the outstanding
loan balance and therefore £270,020 remains currently outstanding. The
Company and the Lender have now agreed to extend the maturity of the loan so
that it is repayable in six equal monthly cash instalments of £45,003 per
month commencing on 14 February 2023 with the loan being redeemed in full by
14 July 2023.

Additionally, further to the announcement of 1 December 2020, the Company
entered into a £500,000 loan facility, of which a balance of £250,000 plus
8% coupon currently remains owed to the Lender, with all other amounts
borrowed under this facility having already been repaid via the exercise of
the 7.5 pence warrants that were issued to the investors at the same time. The
outstanding balance was due to mature on 31 December 2021, however the Company
and the Lender have agreed to extend the maturity date to 31 December 2022
when the loan plus accrued coupon will now become payable.

As part of the loan maturity extension agreements, the Company has agreed to
issue the Lender 3,600,000 new equity warrants, exercisable at 7.5 pence per
new warrant share at any time over the next two years.

Enquiries:

 Ascent Resources plc                        Via Vigo Communications

 Andrew Dennan
 WH Ireland, Nominated Adviser & Broker      0207 220 1666

 James Joyce / Sarah Mather
 Novum Securities, Joint Broker              0207 399 9400

 John Belliss

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCVXLFLFLLLFBZ