Business
Cuba Operator Application and New Funding
Cuba Operator Application and New Funding.
About this update from Ascent Resources Plc
[{"type":"text","content":"\n \n \n RNS Number : 3898V\n Ascent Resources PLC\n 06 August 2020\n \n \n \n \n 6 August 2020 \n \n \n \n \n \n Ascent Resources plc\n \n \n (\"Ascent\" or the \"Company\")\n \n \n Cuba Operator Application\nNew Funding, Repayment of Debt &\nAppointment of Joint Broker\n \n Ascent Resources Plc (LON: AST) the onshore Caribbean, Hispanic American and European energy and natural resources company, is pleased to announce submission of its application to become an operator in Cuba alongside a total funding package of £700,000 (debt plus equity, with the equity being at a nil discount).\n \n The application has been transmitted to Union Cuba-Petroleo (\"CUPET\"), which is Cuba's national oil company and also the counterparty to the memorandums of understanding which provide Ascent with exclusivity to negotiate the production sharing contracts to onshore producing block 9B and onshore blocks 9A, 12 and 15. \n \n \n It is expected that the documents will follow the official process established under Cuban Law which, if successful, ultimately results in the Oficina Nacional de Recursos Minerales (\"ORNM\") establishing Ascent as an independent international oil and gas operator in Cuba. The Company looks forward to updating investors on progress of this application alongside production sharing contract negotiations and the in-house build of subsurface models which will enable the previously announced production led strategy to be advanced.\n \n \n New Funding\n \n \n To enable the Company's continued progress across both Cuba and Slovenia as well as the execution of its Special Situations Strategy, as announced on 28 May with the publication of a new Corporate Presentation, the Company announces it has implemented a funding package, consisting of both equity and debt.\n \n \n This equity fundraising has raised gross proceeds of £300,000 from the issue of 15,000,000 ordinary shares of 0.5 pence at 2 pence per share (\"Fundraising Shares\"), being a nil discount to the closing bid price of the Company's ordinary shares of 2 pence per ordinary share on 5 August, being the latest practicable date prior to the publication of this announcement. The Company has also issued the equity investors with one warrant for every two shares exerciseable at 4 pence per new warrant share at any time over the next two years.\n...