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Cambay C-77H Workover Funding Secured and TVR
Cambay C-77H Workover Funding Secured and TVR.
About this update from Synergia Energy Ltd
[{"type":"text","content":"\n\nRNS Announcement\n \n25 July 2023\nAIM: SYN\n\nCambay C-77H Workover Funding Secured and TVR\n\n \nThe Board of Synergia Energy Limited (Synergia or the Company) is very pleased to announce that it has arranged the funding required for the completion of the Cambay 77H well workover.\n \nThe Company has arranged an equity capital raising, with existing sophisticated and institutional investors, and clients of Novum Securities Limited, of £775,000 before expenses, through the issue of 704,545,454 new fully paid ordinary shares (Placement Shares) at GBP 0.11 pence per share (Placement). The Placement will be completed in two tranches by 7 August 2023.\n \nThe Placement is being conducted by Novum Securities Limited (Novum) as lead broker to the capital raising. Accordingly, in connection with the Placing, the Company has also agreed to issue 13,636,363 unquoted options to Novum, exercisable at GBP 0.11 pence on or before 31 July 2026 (Fee Options).\n \nFunds raised from the Placement are intended to be applied to the completion of the Cambay 77H well workover, and the Company's working capital base.\n \nThe Placement Shares will rank pari passu in all respects with the existing shares. Application will be made in due course to the London Stock Exchange for the Placement Shares to be admitted to trading on AIM with a further announcement at that time.\n \nTotal Voting Rights\n \nFollowing the issue of all of the Placement Shares, the Company's share capital and total voting rights will comprise 9,122,336,158 shares. The Company does not hold any shares in treasury. Consequently, 9,122,336,158 is the figure which may be used by shareholders as the denominator for the calculation 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 \nRelated Party Transaction\n \nRepublic Investment Management Pte Ltd (Republic), the Company's current 16.8% shareholder, has arranged to subscribe for £325,000 of the Placement. As a result of Republic being categorised as a Substantial Shareholder of the Company, it is deemed a related party of the Company pursuant to the AIM Rules for Companies (AIM Rules). Accordingly, Republic's participation in...