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Ascent Resources plc
("Ascent" or the "Company")
Successful fundraising of approximately £350,000 via PrimaryBid
Ascent Resources plc, the European focused oil & gas exploration and production company, announced on 18 January 2019 the launch of a PrimaryBid Offer to retail investors through PrimaryBid.com at 0.3p per New Ordinary Share. The Offer successfully completed and closed at 5 p.m. on 20 January 2019.
The Offer received strong demand from private investors and includes a subscription under the Offer for 1,000,000 shares by Colin Hutchinson, Chief Executive of the Company.
The gross proceeds of the Offer are £349,056 (£331,603 net of costs).
The Company has also issued 4,700,000 shares to suppliers for services at the Placing price.
The Company will therefore issue and allot a total of 121,052,097 New Ordinary Shares to satisfy the Offer. Application has been made to the London Stock Exchange for these New Ordinary Shares, which rank pari passu with the Company's existing Ordinary Shares, to be admitted to trading on AIM. Dealings are expected to commence at 8.00 a.m. on 25 January 2019.
Total Voting Rights
Following the issue of the New Ordinary Shares, the Company will have 2,412,362,783 ordinary shares of 0.2p each in issue. No Ordinary Shares are held in treasury. The figure of 2,412,362,783 may be used by the Company's 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 Financial Conduct Authority's Disclosure Rules and Transparency Rules.
Colin Hutchinson, Chief Executive Officer of Ascent Resources, commented:
"I am very pleased with the response to the Offer, the funds raised will be used to continue to develop the project and progress due diligence on other opportunities outside of Slovenia."
Defined terms in this announcement shall have the same meaning as in the Company announcement of 18 January 2019, unless otherwise specified.
Enquiries:
Ascent Resources plc +44 20 7251 4905
Colin Hutchinson, CEO
WH Ireland, Nominated Adviser +44 20 7220 1666
James Joyce / Chris Viggor
PrimaryBid Limited +44 20 3026 4750
Robert Beenstock
Yellow Jersey, Financial PR and IR +44 20 3735 8825
Tim Thompson / Harriet Jackson / Henry Wilkinson
