REG - Ascent Resources PLC - Warrant Exercise and Issue of New Warrants

Ascent ResourcesAnnouncement

14/04/2022 17:30

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RNS Number : 4815I  Ascent Resources PLC  14 April 2022

14 April
2022

Ascent Resources plc

("Ascent" or the "Company")

Warrant Exercise and Issue of New Warrants

Ascent Resources Plc (LON: AST), the onshore Caribbean, Hispanic American and
European focused energy and natural resources company, is pleased to announce
it has agreed to the immediate exercise of the remaining equity warrants
issued on 6 August 2020, raising gross proceeds of £242,500.

The Company has agreed with the August 2020 Warrant Holders, who own in
aggregate a remaining 6,062,500 new equity warrants exercisable at 4 pence per
new warrant share, to immediately exercise all the remaining August 2020
Warrants, raising gross proceeds of £242,500. In exchange for the accelerated
warrant exercise, the Company has agreed to issue the August 2020 Warrant
Holders with one and a half new equity warrants ('New Warrants') per each
August 2020 Warrant that is exercised, a total number of 9,093,750 New
Warrants have been issued. The New Warrants will be exercisable at a price of
5 pence per new warrant share at any time over the next three years.

The August 2020 Warrant shares are expected to commence dealing in 5 business
days, following which the Company will have a total of 135,560,515 Ordinary
Shares in issue. The Company does not hold any Ordinary Shares in treasury.
Accordingly, the total number of voting rights in the Company will be
135,560,515 and shareholders may use this figure 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 FCA's
Disclosure Guidance and Transparency Rules.

Andrew Dennan, Chief Executive Officer, comments;

"We are pleased to have the support of the August 2020 Warrant Holders and the
new proceeds received by the Company strengthens the Company's cash position
and allows us to continue to focus on business development activity while in
tandem resolving the production invoice receivable with our Slovenian JV
partner as announced last month."

 

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

 Jon Belliss

 

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