TIDMADME
RNS Number : 1643Z
ADM Energy PLC
21 January 2022
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF EU REGULATION 596/2014 (WHICH FORMS PART OF
DOMESTIC UK LAW PURSUANT TO THE EUROPEAN UNION (WITHDRAWAL) ACT
2018). UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE
INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.
21 January 2022
ADM Energy PLC
("ADM" or the "Company")
Subscription to raise GBP561,000
ADM Energy PLC (AIM: ADME; BER and FSE: P4JC), a natural
resources investing company, is pleased to announce that it has
raised a total of GBP561,000 through a subscription from Optima
Resources Holding Limited ("Optima Resources"), a family office
owned natural resources investment company registered and based in
the United Arab Emirates ("the Subscription").
The Subscription
The Company has raised, conditional on Admission (defined
below), GBP561,000 before costs, at a subscription price of 1.11
pence per share through the issue of 51,000,000 new ordinary shares
("Subscription Shares) to Optima Resources, which will hold 19.96
per cent. of the Company's enlarged issued share capital on
Admission. In connection with the Subscription, the Company will,
on Admission, issue 15.3 million warrants to Optima Resources to
subscribe for ordinary shares at an exercise price of 4.5 pence per
share with an exercise period of two years from the date of
Admission ("Warrants").
Use of Proceeds
The funds will be used for general working capital including
business development and due diligence on target assets, appraisals
and technical evaluation. The Company continues to evaluate
investment opportunities, which the board considers may have the
potential to add and bring in significant value to ADM.
Admission to AIM and Total Voting Rights
Application has been made for the Subscription Shares, which
total 51,000,000 new ordinary shares and which will rank pari passu
with the Company's existing ordinary shares, to be admitted to
trading on AIM ("Admission"). It is expected that Admission of the
Subscription Shares will become effective and that dealings will
commence at 08.00 a.m. on or around 26 January 2022.
Following Admission, the Company's enlarged issued share capital
will comprise 255,480,863 ordinary shares of 1 pence each with
voting rights in the Company. This figure 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 the interest in, the share capital of
the Company under the FCA's Disclosure and Transparency Rules.
Osamede Okhomina, CEO of ADM Energy plc, said: "We are pleased
to secure funding from a new long-term shareholder, which will be
used to continue to assess several prospects. I would like to thank
our shareholders and our new shareholder for their ongoing support
and look forward to updating them as we progress."
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
Hybridan LLP +44 20 3764 2341
(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, Tan Siddique
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.
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.
Forward Looking Statements
Certain statements in this announcement, are, or may be deemed
to be, forward looking statements. Forward looking statements are
identi ed by their use of terms and phrases such as "believe",
"could", "should", "envisage", "estimate", "intend", "may", "plan",
"potentially", "expect", "will" or the negative of those,
variations or comparable expressions, including references to
assumptions. These forward looking statements are not based on
historical facts but rather on the Directors' current expectations
and assumptions regarding the Company's future growth, results of
operations, performance, future capital and other expenditures
(including the amount, nature and sources of funding thereof),
competitive advantages, business prospects and opportunities. Such
forward looking statements re ect the Directors' current beliefs
and assumptions and are based on information currently available to
the Directors.
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END
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