Wed, 23rd Sep 2020 09:44
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Angus Energy plc
("Angus" or the "Company")
Result of Placing
The Company is pleased to announce that it has raised gross proceeds of £1million as result of the fundraising announced earlier today (the "Fundraising").
A total of 111,111,105 new ordinary shares in the capital of the Company ("New Ordinary Shares") have been placed by WH Ireland Limited with new and existing investors (the "Placing") at a price of 0.9 pence per share (the "Issue Price").
As set out in the announcement of earlier today, whilst the Company has some small immediate commitments for capital expenditure in obtaining a Cement Bond Log on the potential water injector well at Brockham and in abandonment work of SF06 at Saltfleetby, the principal aim of the facility is to provide a working capital buffer normally expected by debt investors.
As also previously announced, application has been made to London Stock Exchange plc for the New Ordinary Shares to be admitted to trading on AIM. It is expected that admission will be effective, and dealings in the New Ordinary Shares will commence, at 8.00 a.m. on 30 September 2020.
For the purposes of the Financial Conduct Authority's Disclosure and Transparency Rules ("DTRs"), the issued ordinary share capital of the Company following Admission will consist of 715,158,325 Ordinary Shares with voting rights attached (one vote per Ordinary Share). There are no Ordinary Shares held in treasury. This total voting rights figure may be used by shareholders as the denominator for the calculations by which they will determine whether they are required to notify their interests in, or a change to their interest in, the Company under the DTRs.
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