Angus Energy PLC £3,000,000 Fundraising (3929X)
24 November 2017 - 2:23AM
UK Regulatory
TIDMANGS
RNS Number : 3929X
Angus Energy PLC
23 November 2017
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF THE MARKET ABUSE REGULATION EU 596/2014 ("MAR"). IN
ADDITION, MARKET SOUNDINGS (AS DEFINED IN MAR) WERE TAKEN IN
RESPECT OF THE MATTERS CONTAINED IN THIS ANNOUNCEMENT, WITH THE
RESULT THAT CERTAIN PERSONS BECAME AWARE OF SUCH INSIDE INFORMATION
AS PERMITTED BY MAR. THAT INSIDE INFORMATION IS SET OUT IN THIS
ANNOUNCEMENT AND HAS BEEN DISCLOSED AS SOON AS POSSIBLE IN
ACCORDANCE WITH PARAGRAPH 7 OF ARTICLE 17 OF MAR. UPON THE
PUBLICATION OF THIS ANNOUNCEMENT, THE INSIDE INFORMATION IS NOW
CONSIDERED TO BE IN THE PUBLIC DOMAIN AND SUCH PERSONS SHALL
THEREFORE CEASE TO BE IN POSSESSION OF INSIDE INFORMATION IN
RELATION TO THE COMPANY AND ITS SECURITIES.
23 November 2017
Angus Energy plc
("Angus Energy", the "Group" or the "Company")
GBP3,000,000 Fundraising
Angus Energy Plc, a conventional oil and gas production and
development company, is pleased to announce it has successfully
raised GBP3,000,000 (gross) by means of a private placement (the
"Placing") with institutional and private investors.
The Placing
The Company has raised gross proceeds of GBP3,000,000 by the
issuance of 23,076,924 new ordinary shares of GBP0.002 each in its
share capital (the "Placing Shares") through its broker, Optiva
Securities Limited.
Highlights:
-- The Placing raised gross proceeds of GBP3,000,000 at a price
of 13p per Placing Share (the "Placing Price"), conditional only on
Admission. The Placing Price represents a discount of 14.8% to the
closing mid-market price on 22 November 2017.
-- Additionally, the Company is issuing 769,231 new ordinary
shares of GBP0.002 each in its share capital at the Placing Price
to satisfy certain contractors' fees ("Fee Shares").
-- The Placing Shares and the Fee Shares have been allotted and
an application for their admission to trading on AIM ("Admission")
has been made with Admission expected to take place on or around 30
November 2017. The Placing Shares and the Fee Shares will rank pari
passu with the Company's existing ordinary shares in issue
-- The number of ordinary shares in issue immediately after
Admission will be 264,304,652 giving the Company a market
capitalisation of GBP34.4 million at the Placing Price
Use of proceeds
The principle purpose of this offering is to increase
capitalization and financial flexibility. Net proceeds from this
Placing will:
-- pay operational and associated costs related to the delay of
the drilling of Holmwood-1 exploration well;
-- fund capital expenditures for the distribution of excess
power generated on-site at Brockham with the installation of a
connection to the National Grid, as outlined in the Company RNS of
22 September 2017;
-- assist with funding business development and potential acquisition activities; and
-- provide further working capital for the Group.
Paul Vonk, Managing Director of Angus Energy, commented:
"The Company is gratified to have this strong support from
existing and new investors. This was a carefully considered process
which allows the Company to remain focused on executing our
business plan and selectively consider future growth opportunities.
Today's capital raise and the initiation of the Company's first
revenue stream this month marks another important milestone for
Angus Energy."
TVR
In addition, in conformity with the Disclosure Guidance and
Transparency Rules of the Financial Conduct Authority, the Company
announces the following:
Following the Placing and the issue of the Fee Shares, the
Company's issued share capital will consist of 264,304,652 ordinary
shares of GBP0.002 each ("Ordinary Shares") with voting rights. The
Company does not hold any Ordinary Shares in Treasury.
Therefore the total number of Ordinary Shares in the Company
with voting rights, following Admission, will be 264,304,652.
The above figure of 264,304,652 Ordinary Shares may be used by
shareholders in the Company as the denominator for the calculations
by which they will, following Admission, determine if they are
required to notify their interest in, or a change to their interest
in, the share capital of the Company under the Disclosure Guidance
and Transparency Rules of the Financial Conduct Authority.
END.
About Angus Energy plc.
Angus Energy plc. is a UK AIM quoted independent onshore oil and
gas production and development company focused on leveraging its
expertise to advance its portfolio of UK assets as well as acquire,
manage and monetise select projects. Angus Energy majority owns and
operates conventional oil production fields at Brockham (PL 235)
and Lidsey (PL 241) and has a 12.5% interest in the Holmwood
licence (PEDL143).
Enquiries:
Angus Energy Plc
----------------------------- --------------------------
Jonathan Tidswell-Pretorius Tel: +44 (0) 208 899 6380
/ Paul Vonk
----------------------------- --------------------------
Beaumont Cornish (NOMAD)
----------------------------- --------------------------
James Biddle/ Roland Cornish Tel: +44 (0) 207 628 3396
----------------------------- --------------------------
Optiva Securities Limited
(BROKER)
----------------------------- --------------------------
Jeremy King/ Ed McDermott Tel: +44 (0) 203 137 1902
----------------------------- --------------------------
Yellow Jersey
----------------------------- --------------------------
Tim Thompson Tel: +44 (0) 203 735 8825
----------------------------- --------------------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
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