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On 25 July 2023, Synergia Energy Limited arranged an equity capital raising of £775,000 before expenses through the issue of 704,545,454 new ordinary shares at GBP 0.11 pence per share to existing investors and clients of Novum Securities Limited, with completion by 7 August 2023. Republic Investment Management Pte Ltd, a 16.8% shareholder, subscribed for £325,000 of this Placement. Additionally, the Company issued 13,636,363 unquoted options to Novum Securities Limited, exercisable at GBP 0.11 pence by 31 July 2026. Following the share issue, Synergia Energy Limited's total voting rights will comprise 9,122,336,158 shares.
| Date | 25 Jul 2023 |
| Time | 10:52:48 |
| Category | Capital structure |
| ID | 1204H |
RNS Announcement
25 July 2023
AIM: SYN
Cambay C-77H Workover Funding Secured and TVR
The Board of Synergia Energy Limited (Synergia or the Company) is very pleased to announce that it has arranged the funding required for the completion of the Cambay 77H well workover.
The Company has arranged an equity capital raising, with existing sophisticated and institutional investors, and clients of Novum Securities Limited, of £775,000 before expenses, through the issue of 704,545,454 new fully paid ordinary shares (Placement Shares) at GBP 0.11 pence per share (Placement). The Placement will be completed in two tranches by 7 August 2023.
The Placement is being conducted by Novum Securities Limited (Novum) as lead broker to the capital raising. Accordingly, in connection with the Placing, the Company has also agreed to issue 13,636,363 unquoted options to Novum, exercisable at GBP 0.11 pence on or before 31 July 2026 (Fee Options).
Funds raised from the Placement are intended to be applied to the completion of the Cambay 77H well workover, and the Company's working capital base.
The Placement Shares will rank pari passu in all respects with the existing shares. Application will be made in due course to the London Stock Exchange for the Placement Shares to be admitted to trading on AIM with a further announcement at that time.
Total Voting Rights
Following the issue of all of the Placement Shares, the Company's share capital and total voting rights will comprise 9,122,336,158 shares. The Company does not hold any shares in treasury. Consequently, 9,122,336,158 is the figure which may be used by shareholders as the denominator for the calculation 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.
Related Party Transaction
Republic Investment Management Pte Ltd (Republic), the Company's current 16.8% shareholder, has arranged to subscribe for £325,000 of the Placement. As a result of Republic being categorised as a Substantial Shareholder of the Company, it is deemed a related party of the Company pursuant to the AIM Rules for Companies (AIM Rules). Accordingly, Republic's participation in the Placement is classified as a related party transaction pursuant to the AIM Rules.
The Directors of the Company, having consulted with Strand Hanson Limited, the Company's Nominated Adviser, consider that the terms of Republic's participation in the Placement are fair and reasonable insofar as the Company's shareholders are concerned.
For and on behalf of Synergia Energy Limited
Roland Wessel
CEO
For further information, please contact:
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Investor Enquires Synergia Energy Ltd Briana Stayt Investor Relations Email: Tel: +61 8 9485 3200 Australia |
AIM Joint Broker Panmure Gordon (UK) Ltd Broker John Prior / Hugh Rich / Freddie Wooding Tel: +44 (0)20 7886 2500 UK |
AIM Joint Broker Novum Securities Broker Colin Rowbury Email: Tel: +44 20 7399 9427 UK |
AIM Nominated Adviser Strand Hanson Limited Nominated Adviser Ritchie Balmer / Rory Murphy Tel: +44 20 7409 3494 UK |
Media Enquires (UK) Vigo Consulting Investor Relations Patrick d'Ancona / Finlay Thomson Email: [email protected] Tel:+ 44 20 7390 0230 UK |