Business
Result of General Meeting, Equity Issue and TVR
Result of General Meeting, Equity Issue and TVR.
About this update from Prospex Energy Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 5680C\n Prospex Energy PLC\n 23 February 2022\n \n \n \n Prospex Energy PLC / Index: AIM / Epic: PXEN / Sector: Oil and Gas\n \n 23 February 2022\n \n Prospex Energy PLC\n ('Prospex' or the 'Company')\n \n Result of the General Meeting, Equity Issue and TVR\n \n Prospex Energy PLC, the AIM quoted investment company focused on European gas and power projects, is pleased to announce that both resolutions at today's General Meeting were passed.\n \n As a result, a total of 70,137,143 new Ordinary Shares will be issued pursuant to the Placing, Subscription and the Broker Option announced on 9 February 2022, which will raise £2.455 million before costs.\n \n \n \n \n Admission to Trading\n \n \n The Company has applied to the London Stock Exchange for admission of 70,137,143 new Ordinary Shares to trading on AIM ('Admission'). Admission is expected to occur on or around 24 February 2022. On 23 February 2022 there are 177,310,283 Ordinary Shares in issue and 7,361 shares held in Treasury. Following Admission, there will be 247,447,426 Ordinary Shares in issue. Deducting the 7,361 held in Treasury there will accordingly be 247,440,065 Ordinary Shares that 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 FCA's Disclosure and Transparency Rules.\n \n Use of Funds\n Proceeds of the fundraising will be used to:\n \n · acquire 20% of the Selva Malvezzi Field in Italy, more than doubling the company's current holding from 17% to 37%, estimated to add 2.7 billion cubic feet (\"Bcf\") of 2P gas reserves to Prospex's portfolio. This proposed acquisition was announced on 10 August 2021 which is expected to complete in April 2022.\n \n · Fund the development costs of the Selva project to first gas expected in Q1 2023\n \n The Italian Ministry of Ecological Transition has informed the operator of the Podere Gallina licence that subject to the final consultation with the local regulators and stakeholders, the production concession can be awarded. This process is expected to complete in May 2022.\n \n Mark Routh, Prospex's CEO, commented:\n \"Following this Placing, Subscript...