29 Apr 2013 07:00
29 April 2013
Andes Energia plc
("Andes" or the "Company")
Loan conversion, issue of new equity and total voting rights
The Board of Andes (AIM: AEN; BCBA: AEN) is pleased to announce that following the recent announcements of the successful completions of the acquisitions of Ketsal S.A. ("Ketsal") and Kilwer S.A. ("Kilwer"), the Company has exercised its option to convert the principal amounts of the convertible loans due to the vendors of Kilwer and Ketsal in accordance with the terms of the respective stock purchase agreements
Under the terms of the Kilwer Stock Purchase Agreement the principal outstanding and interest due for the period from 11 March 2013 to 29 April 2013 on the US$10,000,000 convertible loan, will be satisfied by the issue of 19,008,166 new Ordinary Shares at a price of 35p per share.
Under the terms of the Ketsal Stock Purchase Agreement the principal outstanding and interest due for the period from 11 April 2013 to 29 April 2013 will be satisfied by the issue of 115,183,413 new Ordinary Shares at a price of 32p per share.
Nicolás Mallo Huergo, Chairman of the Company commented, "The conversion of these loans strengthens our equity base, which will allow us to continue to grow as we have done during the last few years."
Application for Admission and Total Voting Rights
Application will be made for the 134,191,579 Ordinary Shares to be admitted to AIM. It is expected that admission of the new Ordinary Shares will become effective on 3 May 2013.
Following admission of the 134,191,579 Ordinary Shares, the total number of issued Ordinary Shares will be 476,788,322 Ordinary Shares. 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 and Transparency Rules.
For further information please contact:
Andes Energia plc | Nicolas Mallo Huergo, Chairman Rudolph Berends, Vice Chairman Alejandro Jotayan, CEO
| T: +442074955326 |
Westhouse Securities | Antonio Bossi Jonathan Haines
| T: +442076016000 |
Buchanan
| Tim Thompson Ben Romney | T: +442074665000 |
Note to Editors:
Andes is a Latin American oil and gas group, with interests in Argentina, Paraguay and Colombia. The Company's focus is on the oil and gas sector in South America, which offers premium assets at undervalued prices.