REG - Barryroe Offshore - Convertible Loan Note

Barryroe Offshore EnergyAnnouncement

31/03/2023 11:30

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RNS Number : 9626U  Barryroe Offshore Energy PLC  31 March 2023

Barryroe Offshore Energy P.l.c.

CONVERTIBLE LOAN NOTE

 

 

Dublin and London - 31 March 2023

 

 

As announced by Barryroe Offshore Energy ("Barryroe" or the "Company) on 23
November 2022 and updated on 19 January 2023 a Funding Agreement of up to
€40 million in the form of a Redeemable Convertible Secured Loan Note
("CLN") was executed by the Company with Vevan Unlimited ('Vevan'). The
purpose of the CLN funding is to meet Barryroe's direct financial requirements
for the work programme proposed in the Barryroe Field Lease Undertaking
Application.

 

The update of 19 January 2023 reported that certain shareholders had notified
the Company and Vevan of their interest in participating in a sub allocation
of the CLN and taking that into account the issuance of a circular convening
an Extraordinary General Meeting ("EGM") to pass certain shareholder
authorities related to the CLN funding agreement had been deferred to a later
date.

 

The Board is now pleased to announce that those sub-allocation discussions
have concluded with agreement, subject only to the formal documentation being
finalised. The issuance of certain of the shares and the warrants pursuant to
the CLN, will require certain shareholder resolutions to be passed by the
Company's shareholders at an EGM of the Company. A circular convening the EGM
and providing further details on the proposals will be prepared and sent to
shareholders in due course. The circular will also include, if and as
required, details on the potential granting of waivers under Rule 9 of the
Irish Takeover Panel Act 1997, Takeover Rules 2022 (on such terms and subject
to such conditions as the Irish Takeover Panel may require) from the
requirement for any holder of such securities and rights to make a mandatory
offer for the Company on the issuance of any ordinary shares.

 

 

Alan Curran CEO, comments:

"We are particularly pleased that the sub-allocation discussions have
satisfactorily concluded.  We now look forward to progressing the Barryroe
project, especially to the grant of the Lease Undertaking by the Minister, so
that we can finally expedite the necessary appraisal well preparations. On
behalf of the Board and myself I would especially like to thank all
shareholders for their ongoing support"

 

INVESTOR ENQUIRIES:

Barryroe Offshore Energy P.l.c.
 
Tel: +353 1 219 4074

Alan Curran, Chief Executive

Job Langbroek, Investor Relations

 J & E Davy
 
Tel: +353 1 679 6363

Anthony Farrell

 MEDIA ENQUIRIES

AM O'Sullivan PR                      Tel: +353 87
9881890 / tina@amosullivanpr.ie

Tina Quinn

 

 

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