Business
Offer to Raise approximately £1m via PrimaryBid
Offer to Raise approximately £1m via PrimaryBid.
About this update from Ascent Resources Plc
[{"type":"text","content":"\n \nRNS Number : 8890U Ascent Resources PLC 27 October 2017 \n\nTHE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED TO CONSTITUTE INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) NO. 596/2014. UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.\n \nNOT FOR PUBLICATION, RELEASE OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH SUCH PUBLICATION, RELEASE OR DISTRIBUTION WOULD BE PROHIBITED BY ANY APPLICABLE LAW.\n \nTHIS ANNOUNCEMENT AMOUNTS TO A FINANCIAL PROMOTION FOR THE PURPOSES OF SECTION 21 OF THE FINANCIAL SERVICES AND MARKETS ACT 2000 (\"FSMA\") AND HAS BEEN APPROVED BY DARWIN STRATEGIC LIMITED WHICH IS AUTHORISED AND REGULATED BY THE FINANCIAL CONDUCT AUTHORITY. PRIMARYBID LTD IS AN APPOINTED REPRESENTATIVE OF DARWIN STRATEGIC LIMITED.\n27 October 2017\nAscent Resources plc\n(\"Ascent\" or the \"Company\")\nInstitutionally Underwritten Offer to Raise approximately £1 million via PrimaryBid\nAscent Resources plc, the European focused oil & gas exploration and production company (AIM: AST), is pleased to announce a fully-underwritten offer to raise approximately £1 million (before expenses) by the issue and allotment by the Company of 60,240,964 new ordinary shares of 0.2 pence each in the Company (\"New Ordinary Shares\") at an offer price of 1.66 pence per New Ordinary Share, being a discount of 17 per cent to yesterday's closing mid-price. \nImportantly, 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.\nThe Company will use these funds for working capital purposes and project costs until they begin to receive revenues from export gas production.\n Highlights\n· Offer at 1.66 pence per New Ordinary Share (a discount of 17 per cent to the closing mid-price per Ordinary Share on 26 October 2017) to raise an aggregate of approximately £1 million (before expenses).\n· The Offer is fully underwritten by a financial institution.\n· Net proceeds of the Offer wil...