REG - Electric Guitar PLC - Investment by Vega Upstream JV, LLC of £0.23m

Electric GuitarAnnouncement

Tue 07:00

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RNS Number : 9421C  Electric Guitar PLC  05 May 2026

This announcement contains inside information as stipulated under the UK
version of the Market Abuse Regulation No 596/2014 which is part of UK Law by
virtue of the European (Withdrawal) Act 2018, as amended. Upon publication of
this announcement this information is considered to be in the public domain.

 

5 May 2026

 

Electric Guitar PLC

("Electric Guitar" or the "Company")

 

Investment by Vega Upstream JV, LLC of £0.23 million

 

The Board of Electric Guitar PLC (LSE: ELEG) is pleased to announce a new
investment into the Company.

 

Further to the Company's announcement on 29 April 2026, Electric Guitar has
entered into a subscription agreement with Vega Upstream JV, LLC ("Vega
Upstream JV"), a joint venture between ADM Energy PLC, an AIM-quoted investing
company ("ADM") and Covenant Oil Group Corp. ("COG"), for a cash investment
into the Company of £227,273 for 284,091,250 new ordinary shares of 0.01p in
the capital of the Company ("Investment Shares").

 

The Investment Shares will be issued at the current suspended share price of
0.08p per share; will equate to 9.36 per cent. of the Company's issued share
capital as enlarged and will represent the entire shareholding of Vega
Upstream JV in the Company; and will be locked in for 12 months.

 

Vega Upstream JV's investment into Electric Guitar is being made to assist
Electric Guitar in funding its due diligence and the costs of the proposed
acquisition by Electric Guitar of Broadgate Midcon, LLC, the
newly-incorporated special purpose vehicle which has been established to own
certain interests in oil and gas assets in Oklahoma that are being acquired by
Vega Upstream JV, as described in the Company's and ADM's announcements of 29
April 2026 (the "Broadgate Assets").

 

If Electric Guitar decides to exercise its option to acquire Broadgate Midcon,
LLC with the Broadgate Assets, it will constitute a reverse takeover pursuant
to rule 14 of the AIM Rules for Companies ("RTO") and would therefore be
subject to, inter alia, approval by shareholders of Electric Guitar.

 

Application will be made to London Stock Exchange plc for the Investment
Shares to be admitted to trading on AIM ("Admission"). It is expected that
Admission will become effective on completion of the RTO.

 

On issue of the Investment Shares, which is expected to be completed on or
around 11 May 2026, the issued share capital of the Company will comprise
3,034,082,941 Ordinary Shares with one voting right per share, as well as the
unlisted 257,145,740 deferred shares of £0.0049 each which have no voting
rights. The Company does not hold any Ordinary Shares in treasury. Therefore
the total number of voting rights in the Company from 11 May 2026 will be
3,034,082,941 and this figure may be used by shareholders in the Company as
the denominator for the calculations by which they can determine if they are
required to notify their interest in, or a change to their interest in, the
share capital of the Company under the FCA's Disclosure Guidance and
Transparency Rules.

 

 Contacts:

Electric Guitar PLC                                   info@electricguitarplc.com

 Richard Horwood

 Allenby Capital (Nominated Adviser and Joint Broker)  020 3328 5656

 Jeremy Porter / Alex Brearley

  AlbR Capital (Joint Broker)                          020 3026 0320

 Jon Belliss / Colin Rowbury

 

 

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