Business
Placing of shares and conversion of loan notes
Placing of shares and conversion of loan notes.
About this update from Ascent Resources Plc
[{"type":"text","content":"\n \nRNS Number : 4327U Ascent Resources PLC 07 April 2016 \n\nAscent Resources plc\n(\"Ascent\" or \"the Company\")\n£500,000 Placing of shares via Primarybid.com and conversion of loan notes\nThe Board of Ascent is pleased to announce that it has raised £500,000 gross (£477,500 net to the Company) via the placing of 35,714,285 new ordinary shares of 0.2p each in the Company at a price of 1.4p per Placing Share (\"Placing Shares\") with investors using the Primarybid.com platform. \nThese funds will meet the working capital requirements of the Company until the end of Q2 2016 during which time the final outcome of the IPPC Permit and negotiations around an alternative route to first gas are expected.\nIssue of equity through conversion of loan notes\nAscent further announces that it has received notices of exercise to convert £81,681 nominal of convertible loan notes (\"Loan Notes\") plus £10,311.93 interest accrued. The Loan Notes are convertible into new ordinary shares of 0.2p in the Company (\"Ordinary Shares\") at a rate of 100 new Ordinary Shares per £1 Loan Note nominal or interest. Consequently, a total of 9,199,293 new Ordinary Shares (\"the Conversion Shares\") will be issued pursuant to the notices.\nAccordingly, the Company has £11,963,678.76 of remaining convertible loan notes (including rolled-up interest) due in November 2016.\nAdmission of Ordinary Shares\nThe Company has applied for admission of the aggregate 44,913,578 Placing Shares and Conversion Shares to trading on AIM. Dealings are expected to become effective on 12 April 2016 (\"Admission\"). Following Admission, the Company will have 202,220,478 Ordinary Shares in issue with each Ordinary Share carrying the right to one vote. There are no Ordinary Shares currently held in treasury. The total number of voting rights in the Company therefore will be 202,220,478 and this figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the Financial Conduct Authority's Disclosure and Transparency Rules.\nEnquiries:\n\n\n\n\nAscent Resources plc \nClive Carver, Chairman\nColin Hutchinson, Interim CEO\n \n\n\n0207 251 4905\n \n\n\n\n\nStockdale Limited, Nominated Adviser \nAlastair Stratton\nRichard...