For further information on PrimaryBid.com or the procedure for applications under the Offer, visit www.PrimaryBid.com or call PrimaryBid.com on +44 (0)20 7491 6519.
Ascent Resources plc, the European focused oil & gas exploration and production company, has just told DirectorsTalk about a fully-underwritten offer to raise approximately £3 million (before expenses) by the issue and allotment by the Company of 161,500,000 new ordinary shares of 0.2p each in the Company at an offer price of 1.85 pence per New Ordinary Share, being a discount of approximately 17 per cent to today’s closing mid-price.
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 to continue the development of the Petišovci field including the recompletion of Pg-11A and for general working capital purposes.
· Offer at 1.85 pence per New Ordinary Share (a discount of approximately 17 per cent to the closing mid-price per Ordinary Share on 10 February 2017) to raise an aggregate of approximately £3 million (before expenses).
· The Offer is fully underwritten by a UK based financial institution.
· Net proceeds of the Offer will be applied towards development activity at the Petišovci concession in Slovenia.
· The Company values its private investor base and is therefore opening this opportunity to individual and institutional investors exclusively on PrimaryBid.com before 5p.m. on 12 February 2017. PrimaryBid Limited is acting as sole arranger for the Offer.
· Subscriptions under the Offer will be considered by the Company on a “first come, first served” basis subject to conditions.
Colin Hutchinson, Chief Executive Officer of Ascent Resources, commented: “Following the successful flow test to at Pg-10, I am pleased to confirm an institutionally backed equity raise through a platform which enables private investors to participate. We value our private investors and have chosen this structure to demonstrate our desire to treat them fairly.
As previously announced, progress at Petišovci continues to be good and we remain on track to supply INA with first gas as expected. The Company anticipates being able to provide a positive update on the IPPC permit in the near future.”