Placing and notice of AGM

About this update from Beacon Energy Plc

[{"type":"text","content":"\n \nAndalas Energy and Power Plc\n\nPlacing and notice of AGM\n\n11 July 2018\n\nAndalas Energy and Power Plc\n\n(‘Andalas’ or the ‘Company’)\n\nPlacing and notice of AGM\n\nAndalas Energy and Power plc (AIM:ADL) is pleased to announce that it has conditionally raised gross proceeds of £1,000,000 via a placing (‘Placing’) of 5,000,000,000 ordinary shares of nil par value Ordinary Shares (“Placing Shares”) at a price of 0.02pence per Ordinary Share, compared to the mid-market price of 0.022pence at the close of business on 10th July 2018.\n\nThe net proceeds of the Placing amounting to approximately £920,000 will be used for working capital and to provide capital to pursue upstream opportunities in Indonesia and the UK identified by the Company’s business development activity.\n\nSimon Gorringe, CEO of Andalas Energy and Power plc commented, \"We are delighted with the support we have received from new and existing shareholders.  This placing, together with our lower cost operating model and over 6 months of looking for the right deals for shareholders, puts us in a strong position going in to the summer to deliver on our ambition of growing the Andalas business.\"\n\nPosting of Shareholder Circular and Notice of Annual General Meeting (“AGM”)\n\nThe Placing is conditional on the Placing Shares, which will rank pari passu with the existing Ordinary Shares, being admitted to trading on AIM.  The Placing comprises a placing of 2,000,000,000 shares (£400,000) placed pursuant to existing authorities granted to the Directors (“Unconditional Placing Shares”) and a placing of 3,000,000,000 shares (£600,000) (“Conditional Placing Shares”).  The placing of the Conditional Placing Shares is also conditional on the Company passing at a general meeting such resolutions as the directors consider necessary to authorise and otherwise permit the directors and the Company to issue the Conditional Placing Shares.  The resolutions will be proposed at the annual general meeting of the Company (\"AGM\") to be held at 10am on 3rd August 2018.\n\nA copy of the notice of AGM, together with the audited financial statements for the year ended 30 April 2018, will be made available on the Company's website (www.andalasenergy.co.uk) and for inspection at the Company's registered office at IOMA House, Hop...

More updates from Beacon Energy Plc