Business
Fundraise, Issue of Equity and Business Update
Fundraise, Issue of Equity and Business Update.
About this update from Adm Energy Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 3123S\n ADM Energy PLC\n 15 November 2021\n \n \n \n \n \n \n \n THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF EU REGULATION 596/2014 (WHICH FORMS PART OF DOMESTIC UK LAW PURSUANT TO THE EUROPEAN UNION (WITHDRAWAL) ACT 2018). UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.\n \n \n \n \n \n 15 November 2021\n \n \n \n \n \n ADM Energy PLC \n \n \n (\"ADM\" or the \"Company\") \n \n \n \n \n \n Fundraise and Issue of Equity to Raise £475,000\n \n \n \n \n \n and Business Update\n \n \n \n \n \n \n \n \n ADM Energy PLC (AIM: ADME; BER and FSE: P4JC), a natural resources investing company, is pleased to announce that it has raised a total of £475,000 before costs by way of a placing for new ordinary shares in the Company with and a subscription by certain Directors (together the \"Fundraise\"). \n \n \n \n \n \n Highlights \n \n \n · \n Placing and subscription to raise gross proceeds of £475,000 through the issue of 31,666,667 new ordinary shares of 1.0 pence each at a placing price of 1.5 pence per share\n \n \n · \n Conditional Issue of 6,666,667 warrants with an exercise price of 3p each for a period of two years from Admission\n \n \n · \n Subscriptions by five Directors amounting to £175,000 at the placing price\n \n \n · \n Additional conversion by debt holders, consultants and service providers equating to £228,500 at the placing price \n \n \n \n \n \n Use of Proceeds\n \n \n The funds will be used to provide general working capital for the Company in order to continue its strategy of identifying and evaluating high-quality assets in West Africa at depressed valuations with substantial upside for shareholders. The Company is currently assessing several investment opportunities, in line with ADM's growth plans and its established relationships with project debt and off-take lenders, which the board considers may have the potential to add significant value to ADM.\n \n \n \n \n \n Aje Field Update\n \n \n The Company has previously reported the intentions of the Aje Joint Partners (\"Partners\") to explore the further development of the Aje Field and the production of a field development plan (\"FDP\").\n \n \n \n \n \...