Stephan Bernstein, CEO of GreenRoc, details the PFS results for the new graphite processing plant. Watch the video here.
RNS Number : 4815P
San Leon Energy PLC
10 October 2023
Prior to publication, the information contained within this announcement was deemed by the Company to constitute inside information for the purposes of Regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310. With the publication of this announcement, this information is now considered to be in the public domain.
10 October 2023
San Leon Energy plc
("San Leon" or the "Company")
Investment of up to US$187 million from a strategic investor
and
further investments into ELI
San Leon, the independent oil and gas production, development and exploration company focused on Nigeria, is pleased to announce the following significant developments:
1. an investment of up to US$187 million by Tri Ri Asset Management Corp. ("TRAM") into San Leon; and
2. further investments by San Leon in Energy Link Infrastructure (Malta) Limited ("ELI") using the proceeds of the TRAM investment, making San Leon the largest and majority shareholder in ELI with approximately 55 per cent. of the company.
Oisin Fanning, Chief Executive Officer of San Leon, commented:
"It is no secret that the past few months have been difficult for San Leon, as they have been for many businesses, but it is testament to the determination and commitment of our team that we have secured one of the largest fundraisings by an AIM oil & gas company in recent years. In addition, and in line with our announcements over the past year, we have aligned San Leon with a strategic funding partner who has been able to commit a greater level of support than our previous proposed lender, through an innovative investment arrangement which includes them becoming a major shareholder of our Company.
"Importantly our partnership with TRAM enables us to fulfil our long-held strategy of becoming the majority shareholder in ELI. It is no understatement to say that the commissioning of the FSO Akaso Terminalis a game changer, not only for OML 18 but for the entire industry in that region. We are confident that the FSO and the ACOES pipeline will be a significantly profitable and cash-generative project from which San Leon expects substantial upside."
Asad Ali, Chief Investment Officer of Tri Ri Asset Management Corp., commented:"We are delighted to announce this financial partnership with San Leon which we expect is the start of a long-term relationship. We have come to know Oisin and the team well in recent weeks and their professionalism and understanding of Sub-Saharan Africa is a strong fit for our investment criteria and we are looking forward to working with them in fulfillment of their strategic objectives. We believe that the scale of OML 18 and the efficiencies that ELI's new infrastructure will bring represents a very exciting opportunity for us and all investors in San Leon."
Overview and summary of the investment in San Leon by TRAM
The Company has entered into documentation with TRAM in rel
"Definitely, can't be any worse than the current shower."..........oooh I don't know redeye - you do know Searcher don't you?
Only joking Mr Searcher! :)
"aims to develop in partnership with the Government of Bangladesh." did catch my eye too - as others have mentioned. Or am I just clutching.....?
Yes decent find Searcher - thanks for your continual effort for the bb!
There wasn’t masses of buying today, but we see ‘a bit’. I wonder if it was on the back of that small bit of news out?
I would love to know who the seller is that almost automatically triggers a sell after any buys we see. Most intriguing or actually annoying truth be known!
Hopefully this will be the beginning of more news along these lines.
I put it down to Searchers little bit of research and my big buy closetttader! :)
All jokes aside you are right. When this moves it really moves. Mounting pressure now to use their own coal…. But from where…? :)
("GCM" or the "Company")
Advisor Update
GCM Resources plc (LON: GCM), an AIM quoted mining and energy company, advises that the broking arrangement between the Company and Monecor (London) Ltd trading as OvalX (previously ETX Capital) has ceased with immediate effect. WH Ireland Ltd will continue to act as the Company's sole broker.
This announcement contains inside information for the purposes of article 7 of the UK version of regulation (EU) no 596/2014 which is part of UK law by virtue of the European Union (withdrawal) act 2018, as amended. Upon the publication of this announcement via a regulatory information service, this inside information is now considered to be in the public domain.
For further information:
Answer to you question redeye
To finance its operations during the year, GCM completed a successful Placing and Subscription in conjunction with ETX Capital & WH Ireland Ltd, raising Gross proceeds of £2,130,000 in March 2022. In addition, GCM continues to have available, the short-term loan facility with Polo Resources Limited ("Polo") (the "Polo Loan Facility"). The Polo Loan has not been increased or drawn down during the year and remains at a facility of £3,500,000, with £3,200,000 drawn to date. The terms of the loan facility were amended in March 2022 as part of the completed placing and subscriptions, such that the lender may request conversion by the issuance of new ordinary shares in the Company at 5.14 pence per share (being the Issue Price) subject to any necessary regulatory approvals. All other terms of the agreement remained unchanged. (See Note 12 for detailed terms).
As at the date of this report, the Company had drawn down £3,200,000 of the Polo Loan Facility and the Company currently has approximately £840,000 in available cash resources, which along with the remaining £300,000 of the Loan Facility the Director's believe will only be sufficient to fund the Company's cash requirements for the next seven months, assuming the Company's currently forecast cash costs. The Company is exploring other financing options, and is confident of securing additional funding by the end of June 2023 (the "Additional Funding").