Ascent Resources PLC Successful Debt Extension (6908W)
24 December 2021 - 5:59PM
UK Regulatory
TIDMAST
RNS Number : 6908W
Ascent Resources PLC
24 December 2021
24 December 2021
Ascent Resources plc
("Ascent" or the "Company")
Successful Debt Extension
Ascent Resources Plc (LON: AST), the onshore Caribbean, Hispanic
American and European focused natural resources company, is pleased
to announce it has successfully extended the maturity of its
outstanding loan obligations to provide a runway for the continuing
execution of its ESG Metals strategy.
Further to the announcement of 14 February 2020, the Company
re-organised its debt owed to Riverfort (the "Lender"), which
totalled GBP375,020 at the time, to be a zero coupon bullet
repayment falling due for repayment on the 14 February 2022. The
Company has since repaid GBP105,000 of the outstanding loan balance
and therefore GBP270,020 remains currently outstanding. The Company
and the Lender have now agreed to extend the maturity of the loan
so that it is repayable in six equal monthly cash instalments of
GBP45,003 per month commencing on 14 February 2023 with the loan
being redeemed in full by 14 July 2023.
Additionally, further to the announcement of 1 December 2020,
the Company entered into a GBP500,000 loan facility, of which a
balance of GBP250,000 plus 8% coupon currently remains owed to the
Lender, with all other amounts borrowed under this facility having
already been repaid via the exercise of the 7.5 pence warrants that
were issued to the investors at the same time. The outstanding
balance was due to mature on 31 December 2021, however the Company
and the Lender have agreed to extend the maturity date to 31
December 2022 when the loan plus accrued coupon will now become
payable.
As part of the loan maturity extension agreements, the Company
has agreed to issue the Lender 3,600,000 new equity warrants,
exercisable at 7.5 pence per new warrant share at any time over the
next two years.
Enquiries:
Ascent Resources plc Via Vigo Communications
Andrew Dennan
WH Ireland, Nominated Adviser & Broker
James Joyce / Sarah Mather 0207 220 1666
Novum Securities, Joint Broker
John Belliss 0207 399 9400
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
MSCVXLFLFLLLFBZ
(END) Dow Jones Newswires
December 24, 2021 01:59 ET (06:59 GMT)
Ascent Resources (LSE:AST)
Historical Stock Chart
From Mar 2024 to Apr 2024
Ascent Resources (LSE:AST)
Historical Stock Chart
From Apr 2023 to Apr 2024