BUSINESS UPDATES: ADM in oversubscribed GBP1.2 million fundraise

Wed, 24th Mar 2021 19:19

(Alliance News) - The following is a round-up of fundraisings and other stock and bond transactions by London-listed companies, issued on Wednesday and not separately reported by Alliance News:

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ADM Energy PLC - natural resources investing company - Completes oversubscribed fundraising, which was enlarged to accommodate additional interest from both new and existing investors. The company says the placing and subscription offer has raised GBP1.2 million through 28.7 million new shares at a price of 4.25p per share. The fundraising was conducted to fund the acquisition of a 51% interest in Karra Oil Noble Hill, and through that a controlling interest in a risk sharing agreement for the development of the large-scale Barracuda field in OML 141, offshore Nigeria.

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Pennon Group PLC - Exeter, England-based water utility company - Says GBP70.0 million of the variable rate notes due 2022 were validly tendered for purchase pursuant to the tender offer launched on Tuesday last week. This is below GBP100.0 million initially offered for repurchase by the company. The purchase price is intended to reflect a yield to the scheduled maturity date of the notes on the settlement date. The company intends to cancel those notes accepted for purchase pursuant to the offer and such notes will not be re-issued or re-sold. Following settlement of the offer, GBP30.0 million in aggregate principal amount of the Notes will remain outstanding, Pennon notes.

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Arc Minerals Ltd - exploration and mine development company - Raises gross proceeds of GBP1.8 million through the issue of 27.7 million shares at a price of 6.5p each. The net proceeds of the placing will be used for working capital, including funding of extra deep drilling at the company's projects of Cheyeza and Muswema, for a potential Zamsort stake increase, and to fund data acquisition and drilling in Botswana.

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Xeros Technology Group PLC - developer and licensor of technologies which reduce the environmental impact and cost of clothing and fabrics - Says it has received valid acceptances under open offer in respect of 456,183 shares, representing a 10% oversubscription on the amount of repurchases initially offered. The company says all applications cannot be satisfied in full. Xeros says it raised proceeds of GBP1 million through the issue of up to 416,586 open offer shares at 240 pence each.

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Ferro-Alloy Resources Ltd - developer of Balasausqandiq vanadium deposit in Kazakhstan - Says Chief Executive Nick Bridgen sells 16.7 million shares at a price of 30p each, raising GBP5 million. The shares have been placed with new and existing institutional shareholders. Following completion of the placing, Bridgen will hold 49.7 million shares, representing 15% stake.

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Maven Income & Growth VCT PLC - investment firm - Receives subscriptions up to its fundraising limit of GBP20 million. Accordingly, its offer is now closed for further applications. Notes that the Maven Income and Growth VCT 5 PLC offer remains open for applications.

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Baron Oil PLC - UK-based oil and gas exploration company - Enters into an agreement whereby upon completion it will increase its shareholding in SundaGas (Timor-Leste Sahul) Pte Ltd to 85% from 33%, and thereby increase its indirect interest in the TL-SO-19-16 PSC, offshore Democratic Republic of Timor-Leste to 64% from 25%. Baron has therefore agreed to fund the remainder of the estimated USD3.5 million TL-SO-19-16 PSC work programme to November 2022, which includes the licensing and processing of the 3D seismic data. In order to fund the work programme, Baron says it will launch a fundraising comprising a placing of 5.20 billion new shares and a subscription of 804.4 million shares.

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MetalNRG PLC - natural resources investing company - Receives a notice of conversion in respect of GBP86,500 of an unsecured loan facility and as a result 13.9 million new MetalNRG shares have been issued.

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By Evelina Grecenko; evelinagrecenko@alliancenews.com