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14 September 2023
Beacon Energy plc
("Beacon Energy" or the "Company")
PrimaryBid Offer
● Beacon Energy announces a conditional offer for subscription of new Ordinary Shares via PrimaryBid;
● The Issue Price for the new Ordinary Shares to be issued pursuant to the Placing and the PrimaryBid Offer is 0.15 pence per new Ordinary Share, representing a discount of approximately 16.7 per cent. to the closing middle market price of 0.18 pence per existing Ordinary Share on 14 September 2023, being the latest practicable date prior to the date and time of this Announcement;
● Investors can access the PrimaryBid Offer through PrimaryBid's website and on PrimaryBid's app;
● Investors may also be able to take part through PrimaryBid's extensive network of retail brokers, wealth managers and investment platforms, subject to such partners' participation.
● Applications for new Ordinary Shares through these partners can be made from tax efficient savings vehicles such as ISAs or SIPPs, as well as General Investment Accounts (GIAs);
● The PrimaryBid Offer is available to both existing shareholders and new investors;
● There is a minimum subscription of £500 per investor in the PrimaryBid Offer;
● No commission will be charged by PrimaryBid on applications to the PrimaryBid Offer.
PrimaryBid Offer
Beacon Energy plc (AIM:BCE), the full-cycle oil and gas company with a portfolio of production, development, appraisal and exploration onshore German assets through its wholly-owned subsidiary, Rhein Petroleum GmbH, is pleased to announce, a conditional offer for subscription of new ordinary shares of no par value each in the capital of the Company ("Ordinary Shares") via PrimaryBid (the "PrimaryBid Offer") at an issue price of 0.15 pence per new Ordinary Share (the "Issue Price"), representing a discount of approximately 16.7 per cent. to the closing middle market price of 0.18 pence per existing Ordinary Share on 14 September 2023, being the latest practicable date prior to the date and time of this Announcement. The Company is also conducting a placing of new Ordinary Shares at the Issue Price by way of an accelerated bookbuilding process (the "Placing") as announced earlier today.
The PrimaryBid Offer is conditional on the new Ordinary Shares to be issued pursuant to the PrimaryBid Offer and the Placing being admitted to trading on AIM ("Admission"). Admission is expected to take place at 8.00 a.m. (London time) on 20 September 2023. The PrimaryBid Offer will not be completed without the Placing also being completed.
The Company will use the gross proceeds of the Placing and the PrimaryBid Offer for general working capital prior to the receipt of proceeds from the sale of commercial production from the Company's Schwarzbach-2(2.) well and to cover the expenses of the Placing and PrimaryBid Offer.
Reason for the PrimaryBid Offer
While the Placing has been structured as a n