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

Scirocco EnergyAnnouncement

27/09/2022 07:00

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RNS Number : 7103A  Scirocco Energy PLC  27 September 2022

27 September 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, means that an aggregate US$1.625 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.

Following discussions with the Subscriber, and having taken legal advice, the
Company is satisfied that, notwithstanding the result of voting at the
Company's 2022 AGM, it is not in default of any of its current obligations in
respect of the Investment Facility and that any further obligation to issue
shares to the Subscriber, including pursuant to this part settlement, can be
satisfied from the non-pre-emptive allotment authority granted by Shareholders
at the Company's 2020 AGM in respect of the Investment Facility.

Accordingly, the Company has issued and allotted 44,923,630 ordinary shares,
with a deemed price of £0.0020 ("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 30 September 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
900,496,099 ordinary shares with voting rights.

This figure of 900,496,099 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            +44 (0) 20 7409 3494

 Ritchie Balmer / James Spinney /  Robert Collins

 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

 

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