REG - Clontarf Energy PLC - Placing and Subscription, Conversion of Debt <Origin Href="QuoteRef">CLON.L</Origin>

Clontarf EnergyAnnouncement

06/09/2014 18:34

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RNS Number : 8010M
Clontarf Energy PLC
21 July 2014 
 
21 July 2014 
 
Clontarf Energy plc 
 
("Clontarf" or "the Company") 
 
Placing and Subscription 
 
Conversion of Debt 
 
Intended Conversion of Directors' Loans 
 
Clontarf Energy Plc is pleased to announce that the Company has conditionally
raised £121,500 before expenses through a placing and subscription of
16,200,000 new ordinary shares ("the Placing Shares") at a price of 0.75p per
Placing Share. 
 
In addition, in order to strengthen the Company's balance sheet, the Board has
agreed to issue 9,111,067 new ordinary shares to a creditor ("Creditor
Shares") at a price of 0.75p per Creditor Share and intends to issue a further
70,302,632 new ordinary shares in repayment of directors' loans and accrued
remuneration totalling £409,382 and £117,888 respectively ("the Directors'
Loan Shares") at a price of 0.75p per Directors' Loan Share. 
 
It is intended that the Directors' Loan Shares will be issued as shown in the
table below. 
 
 Director      Existing shareholding  Directors' Loan Shares  Enlarged shareholding  % of enlarged share capital  
                                                                                                                  
 John Teeling  22,286,633             31,906,122              54,192,755             14.16                        
 David Horgan  10,842,233             11,108,655              21,950,888             5.73                         
 James Finn    11,024,867             27,287,855              38,312,722             10.01                        
 
 
Application will be made for the Placing Shares and the Creditor Shares to be
admitted to trading on AIM ("Admission"). Admission is expected to be
effective on 28 July 2014. 
 
A further announcement will be made in due course in relation to the intended
issue of the Directors' Loan Shares and the resultant total voting rights in
the Company. 
 
ENDS 
 
For further information please visit http://clontarfenergy.com or contact: 
 
Clontarf Energy plc 
 
John Teeling, Chairman                                                        
                               +353 (0) 1 833 2833 
 
James Finn, Director 
 
Nominated Adviser and Broker 
 
Northland Capital Partners Limited 
 
Gavin Burnell / Lauren Kettle                                                 
                          +44 (0)20 7382 1100 
 
Alice Lane / John Howes (Broking) 
 
Public Relations 
 
Blytheweigh                                                                   
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This information is provided by RNS
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