Prospex Energy PLC Conversion of Warrants Generates GBP80,000 (9451D)
25 Ottobre 2022 - 8:00AM
UK Regulatory
TIDMPXEN
RNS Number : 9451D
Prospex Energy PLC
25 October 2022
Prospex Energy PLC / Index: AIM / Epic: PXEN / Sector: Oil and
Gas
25 October 2022
Prospex Energy PLC
('Prospex' or the 'Company')
Conversion of Warrants and TVR
Conversion of Warrants Generates GBP80,000
Prospex Energy PLC, the AIM-quoted investment company focused on
European gas and power projects, announces that it has received
notices for the exercise of warrants to subscribe for 2,666,666 new
ordinary shares of 0.1p each in the Company ("Ordinary Shares").
The warrants were issued pursuant to warrant agreements dated 23
February 2022 which related to a placing announced by the Company
in March 2021. The exercise price is 3 pence per warrant exercised,
therefore generating proceeds of GBP79,999.98 for the Company.
Admission to Trading and Total Voting Rights
The Company has applied to the London Stock Exchange for
admission of 2,666,666 new Ordinary Shares to trading on AIM
('Admission'). Admission is expected to occur on or around 28
October 2022. There are currently 274,980,846 Ordinary Shares in
issue. Following Admission, subject to the 2,666,666 New Shares
being allotted and issued there will be a total of 277,647,512
Ordinary Shares in issue. This will be the number of 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.
Mark Routh, CEO of Prospex Energy commented:
"Approximately 92% of the 25 million 3p warrants originally
issued in March 2021 have now been converted with only 1,866,684 3p
warrants remaining, which when fully exercised will have generated
GBP750,000 income for the Company.
"Whilst we are pleased to have received the funds from these
warrant conversions, I am glad to report that the present Board
does not expect to issue any further warrants and it believes that
the Company now has sufficient working capital to first gas from
Selva, which is expected early next year. We look forward to
meeting the Company's future day-to-day capital requirements from
existing resources and future revenue streams generated by the
Company."
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it
forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 ("MAR") and is disclosed in accordance with
the Company's obligations under Article 17 of MAR.
* * ENDS * *
For further information visit www.prospex.energy or contact the
following:
Mark Routh Prospex Energy PLC Tel: +44 (0) 20
7236 1177
Ritchie Balmer Strand Hanson Limited Tel: +44 (0) 20
Rory Murphy 7409 3494
Andrew Monk (Corporate Broking) VSA Capital Limited Tel: +44 (0) 20
Andrew Raca/Alex Cabral (Corporate 3005 5000
Finance)
Colin Rowbury Novum Securities Tel: +44 (0) 20
Jon Belliss Limited 7399 9427
Susie Geliher St Brides Partners Tel: +44 (0) 20
Ana Ribeiro Limited 7236 1177
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END
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