REG - Scirocco Energy PLC - Investment Facility Part Settlement and TVR

Scirocco EnergyAnnouncement

06/05/2022 07:00

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RNS Number : 5367K  Scirocco Energy PLC  06 May 2022

6 May 2022

Scirocco Energy plc

("Scirocco" or the "Company")

Investment Facility Part Settlement and TVR

 

Scirocco Energy (AIM: SCIR), the AIM investing company targeting attractive
assets within the European sustainable energy and circular economy markets,
announces that the subscriber (the "Subscriber") under the share subscription
deed governing the investment facility ("Investment Facility"), the details of
which were announced to the market on 29 June 2020, has issued the Company a
settlement notice for US$100,000.

This notice, together with the settlement notices announced on 15 October
2020, 5 May 2021, 24 January 2022, and 18 March 2022 means that an aggregate
US$1.425 million of the total US$2.0 million subscribed for to date by the
Subscriber pursuant to the Investment Facility has been settled through the
issue of new ordinary shares in Scirocco.

Accordingly, the Company has issued and allotted 17,459,747 ordinary shares,
with a deemed price of £0.0046 ("Settlement Shares") to the Subscriber. The
Subscriber's investment was made as a prepayment for ordinary shares in the
Company, the number (and price) of which were to be determined at the time the
Subscriber elected to receive such shares, according to the average of five
daily volume-weighted average prices during the twenty trading days prior to
the date of such election.

Application will be made for the Settlement Shares to be admitted to trading
on AIM with admission expected to take place on or around 10 May 2022
("Admission"). The Settlement Shares will rank pari passu in all respects with
all existing ordinary shares in the Company.

Following Admission, the Company's enlarged issued share capital will comprise
825,203,178 ordinary shares with voting rights.

This figure of 825,203,178 ordinary shares 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 under the Disclosure Rules and
Transparency Rules of the United Kingdom Financial Conduct Authority.

 

For further information:

 Scirocco Energy plc                                     +44 (0) 20 7466 5000

 Tom Reynolds, CEO

 Doug Rycroft, COO

 Strand Hanson Limited, Nominated Adviser & Broker       +44 (0) 20 7409 3494

 Ritchie Balmer / James Spinney / Rory Murphy

 WH Ireland Limited, Broker                              +44 (0) 0207 220 1666

 Harry Ansell / Katy Mitchell

 Buchanan, Financial PR                                  +44 (0) 20 7466 5000

 Ben Romney / Jon Krinks / James Husband

This announcement is not for publication or distribution, directly or
indirectly, in or into the United States of America.  This announcement is
not an offer of securities for sale into the United States.  The securities
referred to herein have not been and will not be registered under the U.S.
Securities Act of 1933 (the "Securities Act"), or with any securities
regulatory authority of any state or other jurisdiction of the United
States.  The securities may not be offered or sold in the United States,
except pursuant to an applicable exemption from or in a transaction not
subject to the registration requirements of the Securities Act and in
compliance with any applicable securities laws of any state or other
jurisdiction of the United States.  No public offering of the securities is
being made in the United States.

 

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