REG - Synergia Energy Ltd - Financing Update

Synergia EnergyAnnouncement

11/03/2024 07:00

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RNS Number : 2361G  Synergia Energy Ltd  11 March 2024

RNS Announcement

 

11 March 2024

AIM: SYN

 

Financing Update

 

Synergia Energy Ltd (AIM: SYN) (the "Company") provides an update in relation
to the 9 March 2024 maturity date of the 6,500 convertible loan notes issued
by the Company effective 9 March 2023.

The Company will this week repay in cash the sum of GBP386,451 including
interest in respect of 5,430 notes and has agreed to repay in cash the sum of
GBP188,688 including interest on or around 30 September 2024 in respect of
1,750 notes.

The Company will issue 140,455,821 new ordinary shares of the Company in
relation to conversion of the balance of the convertible loan notes. An
application for the admission to trading on AIM of these new ordinary shares
is expected to be made in early April.

Per the Company's announcement of 14 February 2024, the Company has signed a
farm-out agreement with Selan Exploration Technology Limited (Selan) to
transfer 50% of the Cambay PSC to Selan and awaits Government of India
approval for the transfer, which will trigger the payment of US$2.5m to the
Company.

 

In order to minimise equity dilution for shareholders, the Company has
obtained loan funding from existing investors of GBP400,000 on commercial
terms and on an unsecured basis.

 

Further, the Company has noted recent market speculation / rumours suggesting
that the Company was completing an equity financing and can confirm the
Company has no plans to finance the Company by way of equity at this current
time.

 

 

For and on behalf of Synergia Energy Ltd

 

 

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          Mark Murphy / 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:

 bstayt@synergiaenergy.com   UK                                          crowbury@novumsecurities.com   UK                             patrick.dancona@vigoconsulting.com

 Tel: +61 8 9485 3200                                                    Tel: +44 20 7399 9427                                         finlay.thomson@vigoconsulting.com

 Australia                                                               UK                                                            Tel:+ 44 20 7390 0230

                                                                                                                                       UK

 

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