REG - Egdon Resources PLC - Proposed Extension of Existing Warrants

Egdon ResourcesAnnouncement

30/05/2023 13:00

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RNS Number : 0474B  Egdon Resources PLC  30 May 2023

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OR FORM PART OF ANY OFFER OR INVITATION TO SELL OR ISSUE, OR ANY SOLICITATION
OF AN OFFER TO PURCHASE OR SUBSCRIBE FOR, ANY SECURITIES.

 

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Egdon Resources plc

("Egdon" or the "Company")

Proposed Extension of Existing Warrants

 

As part of the equity fundraising announced on 30 June 2021, the Company
issued warrants exercisable at 2.5p expiring on 20 July 2023 (the "Warrants").

 

The Company announced on 17 May 2023 that it had reached agreement with
Petrichor Partners, LP ("Petrichor") with regard to the terms of a recommended
all cash acquisition by Petrichor for the entire issued and to be issued
ordinary share capital (other than those shares already owned by or on behalf
of Petrichor) of Egdon (the "Acquisition").  Under the terms of the
Acquisition, which will be effected by a scheme of arrangement under the
Companies Act ("Scheme") and therefore be subject to shareholder approval and
Court approval (and certain conditions and terms which will be set out in the
Scheme Document when it is published in due course), Egdon Shareholders would
be entitled to receive 4.5 pence for each Egdon Share held valuing the entire
issued and to be issued share capital of Egdon at approximately £26.64
million on a fully diluted basis. The Scheme is expected to be completed in
the third quarter of 2023.

 

It was also announced that holders of Warrants will be contacted regarding the
effect of the Acquisition on their Warrants and an appropriate proposal will
be made to such holders of Warrants in due course in respect of any
outstanding Warrants.  Details of the proposal will be set out in separate
letters to be sent to holders of Warrants.

 

As at today's date, there are 30,408,000 outstanding Warrants.  As the expiry
date of the Warrants is earlier than the anticipated Effective Date of the
Scheme, the Company, with the consent of the requisite majority of holders of
warrants, has agreed to extend the expiry date of the Warrants to 31 December
2023 (being the Long Stop Date for the Scheme).

 

This announcement has been made with the approval of Petrichor.

 

For further information, please contact:

 

 Egdon Resources Plc                                           Tel +44 1256 702292

 Mark Abbott

 VSA Capital Limited                                           Tel +44 203 005 5000

 Financial Adviser, Joint Broker and Rule 3 Adviser to Egdon

 Andrew Raca, Matthew Harker

 WH Ireland Limited                                             Tel +44 207 220 1666

 Nominated Adviser and Joint Broker to Egdon

 Antonio Bossi, Chris Hardie and James Bavister

 

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