Last checked at 7 Feb 2024 07:00
7 February 2024
Echo Energy plc
("Echo" or the "Company")
Issue of Equity and Total Voting Rights
Echo Energy plc is pleased to announce that is has raised £168,400 (before expenses), pursuant to a direct subscription for, in aggregate, 3,742,222,222 new Ordinary Shares of 0.0001 pence each (the "Subscription Shares") at an issue price of 0.0045 pence per new ordinary share (the "Issue Price) by certain new investors (the "Subscription").
After broker and dealing fees, the Company will receive net proceeds of £157,221.
The net proceeds from the subscription will be used to advance new projects, which the company has under consideration and for working capital needs.
The Company has the authority to issue and allot the New Ordinary Shares pursuant to certain existing shareholder authorities granting such powers to the directors at the Company's General Meeting held on 31 October 2023.
The subscription was oversubscribed and the company has chosen to use the full remaining authorities to satisfy investor demand.
The Company has, of today, decided to cancel the £500,000 unsecured convertible loan note funding facility, that was announced on the 21st December 2023.
Application has been made to the London Stock Exchange for the New Ordinary Shares to be admitted to trading on AIM ('Admission') and it is expected that such Admission is expected to take place on or around 8.00 a.m. on 12 February 2024. The new ordinary shares, which will rank pari passu with the Company's existing ordinary shares.
In accordance with the provision of the Disclosure Guidance and Transparency Rules of the Financial Conduct Authority, the Company confirms that, following the issue of the new Ordinary Shares, its issued ordinary share capital will comprise 17,027,749,197 Ordinary shares. All of the Ordinary shares have equal voting rights and none of the ordinary shares are held in Treasury. The total number of voting rights in the Company will therefore be 17,027,749,197. The above figure may be used by shareholders as the denominator for the calculations to determine if they are required to notify their interests in, or change to their interest in, the Company.
For further information please contact:
Echo Energy Stephen Birrell, Chief Executive Officer | info@echoenergyplc.com
|
Cavendish Capital Markets Limited (Nominated Adviser) Adrian Hadden Ben Jeynes | Tel: 44 (0)20 7220 0500 |
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the UK version of the EU Market Abuse Regulation 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018, as amended and supplemented from time to time. Upon the publication of this announcement, this inside information is now considered to be in the public domain