Settlement of loan note, placing and notice of EGM

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[{"type":"text","content":"\n \nAndalas Energy and Power Plc\n\n(‘Andalas’, or the ‘Company’)\n\nSettlement of loan note, placing and notice of EGM\n\nAndalas Energy and Power plc (AIM:ADL) is pleased to announce that it has conditionally raised £1,050,000 via a placing (‘Placing’) of 1,615,384,615 ordinary shares of nil par value (‘Placing Shares’) at a price of 0.065 pence per share. \n\nThe proceeds will be used to repay the outstanding Sandabel Capital LP loan note.  Andalas will also use the proceeds to fund its ongoing work programme with PT PP Energi (“PP Energi”), a subsidiary of PT PP (Persero) Tbk (‘PTPP’), the Indonesian state-owned construction and engineering company, to advance a 30+MW independent gas-fired wellhead power facility in Jambi Province, South Sumatra, and also to develop further projects.\n\nDavid Whitby, CEO of Andalas Energy and Power plc commented: \"Following the recent announcement of our first project with PP Energi, this placing strengthens our balance sheet by fully settling the outstanding loan note with Sandabel Capital.  At the same time it provides the Company with additional funds as we look to progress both the Jambi-1 development project with PP Energi as well as other potential opportunities being developed with Pertamina, Indonesia’s national energy company.\"\n\nPosting of Shareholder Circular and Notice of Extraordinary General Meeting (“EGM”)\n\nThe Placing comprises a placing of 900,000,000 shares (£585,000) placed pursuant to existing authorities granted to the Directors (“Unconditional Placing Shares”) and a placing of 715,384,615 shares (£465,000) (“Conditional Placing Shares”) conditional, inter alia, on the passing of a relevant resolution at an extraordinary general meeting of the Company (\"EGM\").  A circular containing a Notice of EGM will be sent to shareholders on Tuesday 15 August 2017.\n\nShareholders should read the full text of the Notice of EGM.  A copy of the Notice of EGM is available on the Company's website (www.andalasenergy.co.uk) and is available for inspection at the Company's registered office at IOMA House, Hope Street, Douglas, Isle of Man, IM1 1AP.\n\nThe EGM will be held at 11am on 31 August 2017 at the Company's registered office at IOMA House, Hope Street, Douglas, Isle of Man, IM1 1AP.  The purpose of the E...

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