Ascent Resources PLC - Offer to Raise approximately £1m via PrimaryBid
THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED TO CONSTITUTE INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) NO. 596/2014. UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.
NOT FOR PUBLICATION, RELEASE OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO
THIS ANNOUNCEMENT AMOUNTS TO A FINANCIAL PROMOTION FOR THE PURPOSES OF SECTION 21 OF THE FINANCIAL SERVICES AND MARKETS ACT 2000 ("FSMA") AND HAS BEEN APPROVED BY DARWIN STRATEGIC LIMITED WHICH IS AUTHORISED AND REGULATED BY THE
("Ascent" or the "Company")
Institutionally Underwritten Offer to Raise approximately
Importantly, the Company is pleased to provide private and other investors the opportunity to participate in the Offer by applying exclusively through the PrimaryBid.com platform.
The Company will use these funds for working capital purposes and project costs until they begin to receive revenues from export gas production.
· Offer at
· The Offer is fully underwritten by a financial institution.
· Net proceeds of the Offer will be applied towards working capital purposes and project costs.
· The Company values its private investor base and is therefore opening this opportunity to individual and institutional investors exclusively on PrimaryBid.com before
· Subscriptions under the Offer will be considered by the Company on a "first come, first served" basis subject to conditions.
" We are pleased we have been able to secure funding to bridge the gap until first export revenues and, importantly, allow all investors the opportunity to participate in the offer."
Clive Carver, Chairman
Colin Hutchinson, CEO
WH Ireland, Nominated Adviser and Broker 0207 220 1666
James Joyce / Alex Bond
PrimaryBid Limited 0207 4791 6519
Yellow Jersey, Financial PR and IR 0203 735 8825
Tim Thompson / Harriet Jackson / Henry Wilkinson
The Company today announces an underwritten Offer to raise a total of approximately
The Company highly values its private investor base which has supported the Company alongside institutional investors over several years while the Company obtained a route to market for its gas. Given the longstanding support of private shareholders, the Company believes that it is appropriate to provide private and other investors with the opportunity to participate in this issue of New Ordinary Shares. The Company is therefore making the Offer exclusively through PrimaryBid.com.
Private and other investors may participate in the Offer of New Ordinary Shares on a on a first come, first served basis, exclusively through PrimaryBid.com.
Details of the Offer
The Company is raising a total of approximately
The Offer is offered under the exemptions against the need for a prospectus allowed under the Prospectus Rules. As such, there is no need for publication of a prospectus pursuant to the Prospectus Rules, or for approval of the same by the
The Offer is fully underwritten and is made available to individual and institutional investors on the following basis.
Up to 60,240,964 New Ordinary Shares at the Offer Price to raise up to
The maximum investment amount for any investor is
The Company may, at its sole discretion (within the Company's existing non pre-emptive permissions), elect to increase the total number of New Ordinary Shares issued under the Offer.
The terms and conditions on which the Offer is made, including the procedure for application and payment for New Ordinary Shares, is available to all persons who register with PrimaryBid.com. The Offer is made on a first come, first served basis and scale back of subscriptions (where necessary) will be made at the discretion of PrimaryBid in consultation with the Company.
The New Ordinary Shares will be issued free of all liens, charges and encumbrances and will, when issued and fully paid, rank pari passu in all respects with the Company's existing Ordinary Shares.
Application will be made to the
The Offer is not being made into any Restricted Jurisdiction or any other jurisdiction where it would be unlawful to do so.
Investors should make their own investigations into the merits of an investment in the Company. Nothing in this announcement amounts to a recommendation to invest in the Company or amounts to investment, taxation or legal advice.
It should be noted that a subscription for New Ordinary Shares and investment in the Company carries a number of risks. Investors should consider the risk factors set out on PrimaryBid.com before making a decision to subscribe for New Ordinary Shares. Investors should take independent advice from a person experienced in advising on investment in securities such as the New Ordinary Shares if they are in any doubt.
Use of proceeds
The gross proceeds of the Offer will be approximately
Expected Timetable of Principal Events
Announcement of the Offer
27 October 2017
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Closing of subscriptions on PrimaryBid.com
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Announcement of result of the Offer
30 October 2017
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Admission and commencement of dealings in the New Ordinary Shares on AIM
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the relevant system (as defined in the CREST Regulations) in respect of which Euroclear is the operator (as defined in the CREST Regulations)
the Prospectus Rules made in accordance with the EU Prospectus Directive 2003/71/EC in relation to offers of securities to the public and the admission of securities to trading on a regulated market
United States of America, Canada, Australia, Japan and the Republic of South Africa and any other jurisdiction where the extension or availability of the Offer would breach any applicable law
This information is provided by RNS
Quick facts: Ascent Resources PLC
Market Cap: £1.33 m
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