REG - Synergia Energy Ltd - Cambay C-77H Workover Funding Secured and TVR

Synergia EnergyAnnouncement

25/07/2023 11:00

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RNS Number : 1204H  Synergia Energy Ltd  25 July 2023

RNS Announcement

 

25 July 2023

AIM: SYN

Cambay C-77H Workover Funding Secured and TVR

 

The Board of Synergia Energy Limited (Synergia or the Company) is very pleased
to announce that it has arranged the funding required for the completion of
the Cambay 77H well workover.

 

The Company has arranged an equity capital raising, with existing
sophisticated and institutional investors, and clients of Novum Securities
Limited, of £775,000 before expenses, through the issue of 704,545,454 new
fully paid ordinary shares (Placement Shares) at GBP 0.11 pence per share
(Placement).  The Placement will be completed in two tranches by 7 August
2023.

 

The Placement is being conducted by Novum Securities Limited (Novum) as lead
broker to the capital raising. Accordingly, in connection with the Placing,
the Company has also agreed to issue 13,636,363 unquoted options to Novum,
exercisable at GBP 0.11 pence on or before 31 July 2026 (Fee Options).

 

Funds raised from the Placement are intended to be applied to the completion
of the Cambay 77H well workover, and the Company's working capital base.

 

The Placement Shares will rank pari passu in all respects with the existing
shares.  Application will be made in due course to the London Stock Exchange
for the Placement Shares to be admitted to trading on AIM with a further
announcement at that time.

 

Total Voting Rights

 

Following the issue of all of the Placement Shares, the Company's share
capital and total voting rights will comprise 9,122,336,158 shares.  The
Company does not hold any shares in treasury.  Consequently, 9,122,336,158 is
the figure which may be used by shareholders as the denominator for the
calculation by which they will determine if they are required to notify their
interest in, or a change to their interest in, the Company under the FCA's
Disclosure and Transparency Rules.

 

Related Party Transaction

 

Republic Investment Management Pte Ltd (Republic), the Company's current 16.8%
shareholder, has arranged to subscribe for £325,000 of the Placement.  As a
result of Republic being categorised as a Substantial Shareholder of the
Company, it is deemed a related party of the Company pursuant to the AIM Rules
for Companies (AIM Rules). Accordingly, Republic's participation in the
Placement is classified as a related party transaction pursuant to the AIM
Rules.

 

The Directors of the Company, having consulted with Strand Hanson Limited, the
Company's Nominated Adviser, consider that the terms of Republic's
participation in the Placement are fair and reasonable insofar as the
Company's shareholders are concerned.

 

 

For and on behalf of Synergia Energy Limited

 

Roland Wessel

CEO

 

For further information, please contact:

 

 Investor Enquires           AIM Joint Broker                           AIM Joint Broker               AIM Nominated Adviser          Media Enquires (UK)

 Synergia Energy Ltd         Panmure Gordon (UK) Ltd                    Novum Securities               Strand Hanson Limited          Vigo Consulting

 Briana Stayt                Broker                                     Broker                         Nominated Adviser              Investor Relations

 Investor Relations          John Prior / Hugh Rich / Freddie Wooding   Colin Rowbury                  Ritchie Balmer / Rory Murphy   Patrick d'Ancona / Finlay Thomson

 Email:                      Tel: +44 (0)20 7886 2500                   Email:                         Tel: +44 20 7409 3494          Email: patrick.dancona@vigoconsulting.com

 bstayt@synergiaenergy.com   UK                                         crowbury@novumsecurities.com   UK                             finlay.thomson@vigoconsulting.com

 Tel: +61 8 9485 3200                                                   Tel: +44 20 7399 9427                                         Tel:+ 44 20 7390 0230 UK

 Australia                                                              UK

 

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