ADM Energy PLC Loan Facilities Update (6210C)
22 June 2021 - 4:00PM
UK Regulatory
TIDMADME
RNS Number : 6210C
ADM Energy PLC
22 June 2021
22 June 2021
ADM Energy PLC
("ADM" or the "Company")
Loan Facilities Update
ADM Energy PLC (AIM: ADME; BER and FSE: P4JC), a natural
resources investing company, provides an update on its loan
facilities agreement announced on 25 August 2020.
In August 2020, the Company entered into a definitive agreement
with a consortium of investors (the "Lenders") raising, in
aggregate, GBP200,000 through unsecured loan facilities ("Loan
Facility"). The Loan Facility, which was due to mature on 15 August
2021, remains outstanding in full.
The Company has now entered into agreements with the Lenders to
extend the terms of the Loan Facility as follows:
-- GBP100,000 of the Loan Facility extended to 31 December 2021,
at no interest, in consideration of 2,352,941 warrants exercisable
at 4.25 pence each, being the placing price of the most recent
fundraise; and
-- GBP110,000 of the Loan Facility (comprising the principal and
accrued interest) extended to 30 June 2022 in consideration of
fixed interest of GBP11,000 and 2,352,941 warrants exercisable at
4.25 pence each, being the placing price of the most recent
fundraise.
Pursuant to the terms of the Loan Facility, the Lenders were
issued with 4,705,882 warrants ("Existing Warrants") in aggregate,
following the rebasing of the Existing Warrants as announced on 24
March 2021, which are due to expire on 25 August 2022. Also in
consideration of the extended terms, the Existing Warrants will be
cancelled and reissued together with the 4,705,882 new warrants
resulting in the issue of 9,411,765 warrants at 4.25 pence each
with an expiry date of 30 August 2023.
All other terms of the Loan Facilities remain unchanged.
Osamede Okhomina, CEO of ADM Energy, said : "The extension of
the loan agreements further demonstrates the lenders confidence in
ADM and our growth prospects as we continue our strategy of
building a portfolio of assets to deliver value to
shareholders."
Enquiries:
ADM Energy plc +44 20 7459 4718
Osamede Okhomina, CEO
www.admenergyplc.com
Cairn Financial Advisers LLP +44 20 7213 0880
(Nominated Adviser)
Jo Turner, James Caithie
Arden Partners plc +44 20 7614 5900
(Lead Broker)
Paul Shackleton, Daniel Gee-Summons
Hybridan LLP +44 20 3764 2341
(Joint Broker)
Claire Louise Noyce
ODDO BHF Corporates & Markets AG +49 69 920540
(Designated Sponsor)
Michael B. Thiriot
Luther Pendragon +44 20 7618 9100
(Financial PR)
Harry Chathli, Alexis Gore, Joe Quinlan
About ADM Energy PLC
ADM Energy PLC (AIM: ADME; BER and FSE: P4JC) is a natural
resources investing company with an existing asset base in Nigeria.
ADM Energy holds a 9.2% profit interest in the oil producing Aje
Field, part of OML 113, which covers an area of 835km(2) offshore
Nigeria. Aje has multiple oil, gas, and gas condensate reservoirs
in the Turonian, Cenomanian and Albian sandstones with five wells
drilled to date.
The Company also holds an investment in the development of the
Barracuda Field, an existing discovery and near-term production
asset in the NW part of OML 141, which covers 103 km(2) in the
swamp/shallow waters of the Niger Delta. Four existing wells have
been drilled to date and a fifth is intended to be drilled in Q4
2021.
ADM Energy is seeking to build on its existing asset base in
Nigeria and target other investment opportunities across the West
African region in the oil and gas sector with attractive risk
reward profiles such as proven nature of reserves, level of
historic investment, established infrastructure and route to early
cash flow.
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