Exercise of warrants and loan repayment

11 January 2021

Ascent Resources plc

("Ascent" or the "Company")

Exercise of Warrants and Repayment of Debt

Ascent Resources Plc (LON: AST), the onshore Caribbean, Hispanic American and European natural resources company announces that it has today received a Warrant Exercise notice over 833,333 new ordinary shares for a consideration of £62,500.  The Warrants are being exercised by Align Research in consideration for surrendering an equivalent value of loan notes. Additionally, the Company has agreed to issue 66,667 new shares at 7.5 pence, being the coupon conversion price, in lieu of the 8% cash coupon that is incurred on the converted loan amount. The Company has therefore today issued 900,000 new shares and admission of these shares is expected to take place on or around 15 January 2021.

The Company and the Lender confirm that following this warrant exercise and coupon repayment the outstanding balance on the loan arranged by Align Research is now £62,500 and the Company has a further £375,000 of funds available to draw down under the facility.   

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 warrant and the coupon shares, its issued ordinary share capital will comprise 96,392,272 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 96,392,272. 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.

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