Last checked at 13 Jun 2017 07:00
Echo Energy plc
("ECHO" or the "Company")
Completion of £10,000,000 Subscription
Echo is delighted to announce today the completion of the Subscription announced on 19 May 2017,
As previously announced, Pegasus A. Fund Ltd. SAC ("Pegasus"), or other parties procured by Pegasus, agreed to subscribe for 98,765,429 new Ordinary Shares (the "Subscription Shares") at a price of 10.125p per share to raise gross proceeds of approximately GBP 10,000,000 before expenses (the "Subscription"). Echo now confirms that Pegasus and other institutional investors will be issued with the Subscription Shares and the Warrants to take effect on 14 June 2017.
Application has been made for the Subscription Shares, which will rank pari passu with the existing ordinary shares, to be admitted to trading on AIM ("Admission"). Admission is expected to occur on 14 June 2017.
Following Admission, the total number of voting rights in the Company will be 361,473,066 ordinary shares. This number may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure and Transparency Rules.
For further information please contact:
Echo Energy
James Parsons, Chairman j.parsons@echoenergyplc.com
Fiona MacAulay, Chief Executive Officer f.macaulay@echoenergyplc.com
ZAI Corporate Finance Limited - Nominated Adviser +44 (0) 20 7060 2220
John Treacy
Brandon Hill Capital Limited - Broker +44 (0) 20 3463 5000
Jonathan Evans / Oliver Stansfield
Vigo Communications - PR Adviser +44 (0) 20 7830 9700
Patrick d'Ancona
Chris McMahon
Alexandra Roper
The information contained within this announcement is considered to be inside information prior to its release as defined in Article 7 of the Market Abuse Regulation No. 596/2014 and is disclosed in accordance with the Company's obligations under Article 17 of those Regulations.