Business
Placing and Issue of Equity
Placing and Issue of Equity.
About this update from Beacon Energy Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 1723F\n Advance Energy PLC\n 12 November 2020\n \n \n \n \n \n \n \n 12 November 2020\n \n \n \n \n \n Advance Energy plc\n \n \n (\"Advance Energy\" or the \"Company\")\n \n \n \n \n \n Placing and Issue of Equity\n \n \n \n \n \n Advance Energy plc (\n \n AIM:ADV\n \n ), the energy company seeking growth through acquisition or farm-in to non-operated interests in discovered upstream projects, announces that it has raised £300,000 (gross) by way of a placing (\"Placing\") of 136,363,636 new ordinary shares of no par value in the Company (\"Ordinary Shares\") (the \"Placing Shares\") at a price of 0.22 pence per Placing Share (\"Placing Price\") through Optiva Securities Ltd (\"Optiva\"), the Company's joint broker.\n \n \n \n \n \n Use of Proceeds\n \n \n The Company intends to utilise the net proceeds of the Placing to provide funds for progressing new venture opportunities and for general working capital purposes.\n \n \n \n \n \n Issue of Equity\n \n \n In addition to the Placing Shares, the Company has agreed to issue 21,416,515 Ordinary Shares at the Placing Price to various creditors to settle outstanding amounts (\"Additional Shares\"). \n \n \n \n \n \n Admission\n \n \n The Placing is subject to normal conditions including, inter alia, admission of the Placing Shares to trading on AIM.\n \n \n \n \n \n The Placing Shares and Additional Shares will rank pari passu with the existing Ordinary Shares and application will be made for the Placing Shares and Additional Shares to be admitted to trading on AIM (\"Admission\"). It is expected that Admission will become effective and dealings in the Placing Shares and Additional Shares will commence at 8.00 a.m. on 18 November 2020.\n \n \n \n \n \n Following Admission, the Company's issued share capital will consist of 1,718,417,116 Ordinary Shares with voting rights. There are no Ordinary Shares held in treasury. The figure of 1,718,417,116 may be used by shareholders, following Admission, 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 share capital of the Company under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.\n \n \...