Business
Application to NEX Exchange Growth Market
Application to NEX Exchange Growth Market.
About this update from Angus Energy Plc
[{"type":"text","content":"\n \nRNS Number : 1045X Angus Energy PLC 16 February 2017 \n\n16 February 2017\n\nAngus Energy Plc\n(\"Angus Energy\" or the \"Company\")\n \nApplication to NEX Exchange Growth Market\n \nAngus Energy has today published an Information Memorandum (the \"IM\") in connection with an application for admission of up to £3,500,000 sterling denominated secured bonds of denomination £1, with a maturity date of 30 June 2022 (the \"NEX Bonds\") to trading on the NEX Exchange Growth Market (\"NEX Exchange\"). In connection with this application an announcement has been published on the NEX Exchange website, full details of which are set out below.\n \nAngus Energy was admitted to AIM in November 2016 and raised £3.5million (gross) via a placing of new Ordinary Shares at 6p per Share to undertake its work programmes at Brockham and Lidsey as more fully set out in its AIM Admission document. The Company has begun work on this work programme at Brockham. Further, as announced on 6 February 2017, it recently raised £2million (gross) via a further placing at 11p per Share to fund a) the costs of a farm-in into Europa Oil & Gas Limited's Holmwood licence (PEDL143) and b) a 10% increase in its Brockham interest. The Company is now taking the opportunity to put in place a facility through which it can issue debt via the NEX Bonds to fund development assets, either those that it can prove up to that stage within its existing asset portfolio or those that it may acquire in future.\n \nAngus Energy expects to issue the Bonds in tranches, up to a total value of £3.5million with the first tranche provisionally expected to be issued on or about 23 March 2017. Further issues of the Bonds will take place when the Company has clear visibility over the likely production profile or has commenced production from its Brockham oil field, in the first instance, and Lidsey thereafter, and therefore has confidence that it can service, and ultimately, repay the debt or assumes debt in conjunction with the acquisition of additional producing assets that have positive free cashflows.\n \nThe NEX Bonds are secured against the assets of, and the shares in, the Company's wholly owned subsidiary company, AWB3, the holding company for all the Group's mineral assets, The NEX Bonds will bear interest at the rate of 8.5 per cent per annum,...