Ascent Resources PLC - onshore energy in Caribbean and Europe - Receives warrant exercise notice over 833,333 new shares for GBP62,5000 total. The warrants are being exercised by Align Research in consideration for surrendering an equivalent value of loan notes.
On top of the warrant conversion, Ascent has agreed to issue 66,667 new shares at 7.5 pence, being the coupon conversion price, in lieu of the 8% cash coupon that is incurred on the converted loan amount. Ascent has therefore issued 900,000 new shares and admission of these shares is expected to take place on or around February 10.
The company and the lender confirm that following this warrant exercise and coupon repayment the outstanding balance on the loan is reduced to GBP125,000. Ascent has a further GBP250,000 of funds available to draw down under the facility.
Current stock price: 13.25 pence; up 25% Thursday
Year-to-date change: more than doubled from 6.25p
By Paul McGowan; paulmcgowan@alliancenews.com
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Ascent Resources (AST)