TIDMAST

RNS Number : 4815I

Ascent Resources PLC

14 April 2022

14 April 2022

Ascent Resources plc

("Ascent" or the "Company")

Warrant Exercise and Issue of New Warrants

Ascent Resources Plc (LON: AST), the onshore Caribbean, Hispanic American and European focused energy and natural resources company, is pleased to announce it has agreed to the immediate exercise of the remaining equity warrants issued on 6 August 2020, raising gross proceeds of GBP242,500.

The Company has agreed with the August 2020 Warrant Holders, who own in aggregate a remaining 6,062,500 new equity warrants exercisable at 4 pence per new warrant share, to immediately exercise all the remaining August 2020 Warrants, raising gross proceeds of GBP242,500. In exchange for the accelerated warrant exercise, the Company has agreed to issue the August 2020 Warrant Holders with one and a half new equity warrants ('New Warrants') per each August 2020 Warrant that is exercised, a total number of 9,093,750 New Warrants have been issued. The New Warrants will be exercisable at a price of 5 pence per new warrant share at any time over the next three years.

The August 2020 Warrant shares are expected to commence dealing in 5 business days, following which the Company will have a total of 135,560,515 Ordinary Shares in issue. The Company does not hold any Ordinary Shares in treasury. Accordingly, the total number of voting rights in the Company will be 135,560,515 and shareholders may use this figure as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.

Andrew Dennan, Chief Executive Officer, comments;

"We are pleased to have the support of the August 2020 Warrant Holders and the new proceeds received by the Company strengthens the Company's cash position and allows us to continue to focus on business development activity while in tandem resolving the production invoice receivable with our Slovenian JV partner as announced last month."

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 
  Jon Belliss                              0207 399 9400

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END

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April 14, 2022 12:27 ET (16:27 GMT)

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