Business
Issue of Convertible Notes
Issue of Convertible Notes.
About this update from Ascent Resources Plc
[{"type":"text","content":"\n \nRNS Number : 7760K Ascent Resources PLC 21 July 2011 \n \n\n Ascent Resources plc / Epic: AST / Index: AIM / Sector: Oil and Gas\n21 July 2011\nAscent Resources plc ('Ascent' or 'the Company')\nIssue of Convertible Notes\n \nAscent Resources plc, the AIM-traded oil and gas production and exploration company, has placed convertible loan notes with existing Italian creditors to raise €552,525 with an option to issue a further €70,000 of convertible loan notes in the future for additional services. The proceeds will be used to advance work on the Company's Italian portfolio.\n \nThe unsecured loan notes, which carry interest of 8.5% per annum, are convertible into ordinary shares of 0.1p each in the Company ('Ordinary Shares') at a conversion price of 12 pence per Ordinary Share on or before the 31 December 2013, reflecting a premium to the closing share price on 20 July 2010 of approx. 310%. The loan notes may be repaid for their principal value plus any outstanding interest at any time by the Company.\n \n* * ENDS * *\n \nFor further information visit www.ascentresources.co.uk or contact:\n \n\n\n\n\nJeremy Eng\n\n\nAscent Resources plc\n\n\nTel: 020 7251 4905\n\n\n\n\nScott Richardson Brown\n\n\n \n\n\n \n\n\n\n\nSarah Wharry\n\n\nfinnCap Ltd (NOMAD & Broker)\n\n\nTel: 020 7600 1658\n\n\n\n\nHenrik Persson\n\n\n \n\n\n \n\n\n\n\nHugo de Salis\n\n\nSt Brides Media & Finance Ltd\n\n\nTel: 020 7236 1177\n\n\n\n\nFelicity Edwards\n\n\n \n\n\n \n\n\n\n\n \nNotes:\n \nAscent Resources plc has a diversified portfolio of hydrocarbon exploration and development interests across five countries in Europe: Italy, Switzerland, Hungary, Slovenia and Netherlands. Its portfolio contains a solid base of field redevelopment projects with selected exposure to exploration upside. The portfolio is focussed on gas and with the exception of the shallow water Netherlands project, all of its projects are located onshore where operating and development costs are substantially lower than they would be offshore.\n \n\nThis information is provided by RNSThe company news service from the London Stock Exchange END MSCBRGDRSUDBGBG \n ","length":4295,"tagName":"div"}]