6 Mar 2018 07:00
6 March 2018
Phoenix Global Resources plc
("Phoenix" or the "Company")
Exercise of Warrants
The Board of Phoenix (AIM: PGR; BCBA: PGR) announces that it has received a notice from Upstream Capital Partners VI Limited ("Upstream"), to exercise warrants to subscribe for 8,143,883 ordinary shares of nominal value of 10 pence each (the "Ordinary Shares") at a price of 26 pence per share (the "Upstream Shares") and a notice from Mercuria Asset Holdings (Hong Kong) Limited ("MAH"), to exercise warrants to subscribe for 4,000,000 Ordinary Shares (the "MAH Shares") at a price of 34 pence per share. The Company has also received a notice of exercise pursuant to the IOX-Linked Warrant Agreement and the Company has elected to settle the option amount due on exercise by allotting and issuing 3,000,000 Ordinary Shares (the "IOX-Linked Shares"). Both Upstream and MAH are part of the Mercuria group of companies providing further evidence of Mercuria's support for the Company and its management.
The Company has received £3,477,409.62 and an application has been made for admission of the Upstream Shares, the MAH Shares and IOX-Linked Shares (together the "New Shares") to trading on AIM and dealings in the New Shares are expected to commence at 8.00 a.m. on 9 March 2018. The New Shares will rank pari passu with the Company's existing issued ordinary shares.
Total Voting Rights
Following Admission of the New Shares, the total number of Ordinary Shares in issue will be 2,746,709,408. The Company does not hold any Ordinary Shares in treasury. 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 to their interest in, the share capital of the Company under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.
Ends
Enquiries:
Phoenix Global Resources plc | Anuj Sharma, CEO Philip Wolfe, CFO | T: +54 11 5258 7500 T: +44 (0) 203 912 2805 |
Stockdale Securities |
Antonio Bossi Ed Thomas |
T: +44 (0) 207 601 6100 |
Panmure Gordon |
Adam James Atholl Tweedie |
T: +44 (0) 207 886 2500 |
Camarco |
Billy Clegg Gordon Poole James Crothers |
T: +44 (0) 203 757 4980 |
About Phoenix:
Phoenix Global Resources plc is an independent exploration and production company with a balanced portfolio of conventional and unconventional assets in Argentina holding over 10 million licenced gross acres (of which more than 5 million are operated); 61.7 million boe net working interest 2P reserves; and pro-forma Argentina production of 11 kboepd net working interest on average in 2017. The Company has a strong and growing production base from a diversified portfolio across hydrocarbon basins and significant exposure to the Vaca Muerta formation with over 1 million gross acres in various concessions. The Vaca Muerta formation is currently one of the few economically producing shale oil formations outside of North America with production of approximately 75k boepd.
The Company's website is www.phoenixglobalresources.com