Business
Strategic Partnership, Equity Issue & TVR
Strategic Partnership, Equity Issue & TVR.
About this update from Ascent Resources Plc
[{"type":"text","content":"\n \n \n 23 February 2023\n \n \n \n Ascent Resources plc\n \n \n \n \n (\"Ascent\" or the \"Company\")\n \n \n \n \n Strategic Partnership, Equity Issue, Proposed New Director Appointment and Total Voting Rights\n \n \n \n Ascent Resources Plc (LON: AST), the\n onshore Hispanic American and European focussed energy and natural resources company, announces the signature of a Strategic Collaboration Agreement with Beryl International (Pty) Ltd (\"Beryl\"), alongside agreeing a material equity investment by Beryl and the proposed appointment of a new Beryl nominated Non-Executive Director.\n \n \n \n Strategic Collaboration\n \n \n \n The Company has been actively pursuing an ESG metals strategy for some time, with a particular focus on Hispanic America and Europe. In support of this strategy, the Company and Beryl have signed a Strategic Collaboration Agreement in which the parties agree to work together to identify and potentially fund both those LATAM ESG Metals opportunities already identified by Ascent and new African opportunities introduced by Beryl. The Company believes that a number of opportunities contained within Beryl's inventory of natural resource investments in South Africa are thematically consistent with Ascent's strategy to acquire energy and resource processing businesses that offer early cashflow generation, modest capital investment, low geological risk and, critically, are consistent with the Company's core priorities in the Environmental, Social and Governance arenas.\n \n \n Ascent and Beryl will collaborate with a view to identifying and securing resource processing operations in Africa, which are typically expected to have relatively low geological risk and the opportunity of being near term cash generative with a route towards profitability within the first year of operations.\n \n \n \n Strategic Investment\n \n \n \n In support of the collaboration, Beryl has agreed to subscribe for £1,000,000 in new equity via a direct subscription (the \"Subscription\") at 4 pence per new share (the \"Issue Price\"), being an 11% premium to the closing mid-market price of 3.6 pence on 22 February 2023. The Subscription is being subscribed for by Beryl's new Mauritius domiciled entity called Beryl International Private Limited, created by Beryl for the purpose of this investment and will be conducted in t...