Last checked at 8 Apr 2021 16:35
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF EU REGULATION 596/2014 (WHICH FORMS PART OF DOMESTIC UK LAW PURSUANT TO THE EUROPEAN UNION (WITHDRAWAL) ACT 2018). UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.
8 April 2021
ADM Energy PLC
("ADM" or the "Company")
Issue of Equity
ADM Energy PLC (AIM: ADME; BER and FSE: P4JC), a natural resources investing company, announces that it has issued the following shares in respect of accrued interest on loans.
ADM has issued a total of 443,627 Ordinary Shares to a participant ("the Lender") of the £200,000 loan facility announced on 27 April 2020 and the £200,000 loan facility announced on 25 August 2020 to settle the £15,000 interest accrued on the Lender's original loans. Pursuant to the terms of the loans, 208,333 ordinary shares have been issued at a price of 2.4 pence per share and 235,294 ordinary shares have been issued at a price 4.25 pence per share to settle the interest accrued on the April and August loans respectively. The Lender has £25,000 of principal loan outstanding on the first loan facility and £100,000 of principal loan outstanding on the second loan facility.
Admission to AIM and Total Voting Rights
Application will be made for the new ordinary shares, which total 443,627, to be admitted to trading on AIM. The new ordinary shares will rank pari passu with the existing ordinary shares. It is expected that Admission of the Shares will become effective and that dealings will commence at 8.00 a.m. on or around 14 April 2021.
Following Admission of the shares, the Company's enlarged issued share capital will comprise 151,922,950 Ordinary Shares of 1 pence each with voting rights in the Company. This figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in the interest in, the share capital of the Company under the FCA's Disclosure and Transparency Rules.
Enquiries:
ADM Energy plc | +44 20 7459 4718 |
Osamede Okhomina, CEO | |
www.admenergyplc.com | |
Cairn Financial Advisers LLP | +44 20 7213 0880 |
(Nominated Adviser) | |
Jo Turner, James Caithie | |
Arden Partners plc | +44 20 7614 5900 |
(Lead Broker) | |
Paul Shackleton, Dan Gee-Summons | |
Hybridan LLP | +44 20 3764 2341 |
(Joint Broker) | |
Claire Louise Noyce | |
Oddo Seydler Bank AG | +49 69 920540 |
(Designated Sponsor) | |
Michael B. Thiriot | |
Luther Pendragon | +44 20 7618 9100 |
(Financial PR) | |
Harry Chathli, Alexis Gore, Joe Quinlan |
About ADM Energy PLC
ADM Energy PLC (AIM: ADME; BER and FSE: P4JC) is a natural resources investing company with an existing asset base in Nigeria. ADM Energy holds a 9.2% profit interest in the oil producing Aje Field, part of OML 113, which covers an area of 835km² offshore Nigeria. Aje has multiple oil, gas, and gas condensate reservoirs in the Turonian, Cenomanian and Albian sandstones with five wells drilled to date.
The Company has also agreed an investment in the development of the Barracuda Field, an existing discovery and near-term production asset in OML 141, which covers 1,295 km2 in the swamp/shallow waters of the Niger Delta. Four existing wells have been drilled to date and a fifth is intended to be drilled in Q4 2021.
ADM Energy is seeking to build on its existing asset base in Nigeria and target other investment opportunities across the West African region in the oil and gas sector with attractive risk reward profiles such as proven nature of reserves, level of historic investment, established infrastructure and route to early cash flow.