Payment of Backstop & Repayment of Working Capital
20/11/2023 07:30
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RNS Number : 9036T Mustang Energy PLC 20 November 2023
20 November 2023
Mustang Energy PLC
("MUST" or the "Company")
Payment of Backstop Fee and Repayment of Working Capital Facility
As referred to in the announcement dated 12 September 2023, MUST advises that
it has issued to Bushveld Minerals Limited ("BMN") 606,394 new ordinary shares
in the capital of MUST (the "Backstop Shares") issued at an agreed price per
share of £0.20 as full repayment of backstop fees of £121,278.75 as a result
of redemption of the Company's convertible loan notes as described in the
Company's announcement dated 9 August 2023.
MUST has also issued 1,273,972 new ordinary shares in the capital of MUST (the
"Facility Shares") at an agreed price per share of £0.2674 as full repayment
of the US$420,000 working capital facility (the "Facility") provided by BMN to
the Company in January 2022 and January 2023.
Pursuant to the terms of the Facility, BMN will be issued 1 warrant for every
2 shares issued to it by the Company (the "Warrants"). Each Warrant will grant
BMN the right (but not the obligation) to subscribe for one new ordinary share
in the capital of the Company (an "Ordinary Share") at an exercise price per
share of £0.30. The Warrants have an exercise period of 12 months after
issue. Any Warrants that are not exercised within this period will lapse.
Admission and Total Voting Rights
Application will be made for the Backstop Shares and the Facility Shares to be
admitted to the Official List and to trading on the main market of the London
Stock Exchange plc ("Admission") albeit subject to the continued suspension of
trading of the Ordinary Shares.
Following Admission, the total issued share capital of the Company will
consist of 12,161,966 Ordinary Shares. Therefore, the total number of voting
rights in the Company is 12,161,966 and this figure may be used by
shareholders in the Company as the denominator for the calculations by which
they will determine if they are required to notify their interest in, or a
change in their interest, in the share capital of the Company.
ENQUIRIES
For further information, please visit www.mustangplc.com, follow us on Twitter
@Mustang_Plc, or contact:
Mustang Energy PLC
Dean Gallegos, Managing Director dg@mustangplc.com
+61 416 220 007
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