Curzon Energy PLC Equity Placing and Transaction Update (8990O)
04 Giugno 2020 - 8:00AM
UK Regulatory
TIDMCZN
RNS Number : 8990O
Curzon Energy PLC
04 June 2020
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this
announcement.
4 June 2020
Curzon Energy Plc
("Curzon" or the "Company")
Equity Placing and Transaction Update
Curzon Energy plc (LON:CZN) the London Stock Exchange listed oil
and gas company, announces the completion of an equity fundraising
of GBP166,066 at a price of GBP0.01 per New Ordinary Share and
provides an update on the status of negotiations with the Sun Seven
Stars Investment Group.
Highlights
-- Fundraising of GBP166,066 priced at approximately the 14-day
volume weighted average price ("VWAP") of the Company's shares
-- Use of proceeds to provide funding to advance and complete
negotiations with Sun Seven Stars Investment Group ("SSSIG") on a
transaction involving London Critical Metals Market ("LCMM")
-- Due diligence continues to progress with next step to
complete definitive documentation on a transaction
Scott Kaintz, Chief Executive Officer comments:
"We are very pleased to have completed this important placing
securing the funding required to advance our ongoing diligence
process with Sun Seven Stars Investment Group. The scale of the
transaction is expected to be significant, and as such carries with
it a requirement for legal and financial support that we expect
this raise to enable the Company to procure.
With sizeable opportunities come significant amounts of
preparation and due diligence, and we are now in a strong position
to drive forward this transaction, which if successfully completed,
we believe would be transformational for Curzon. We look forward to
continuing to update the markets in due course."
Update on Sun Seven Stars Investment Group Negotiations
Curzon continues to progress negotiations with SSSIG regarding
completion of definitive documentation regarding a potential
reverse takeover of Curzon as previously announced on 18 March
2020. Due diligence activities on Curzon by LCMM have nearly been
completed and the Company continues to review and assess materials
provided by LCMM on the structure and trading history of the target
entities.
About London Critical Metals Market
LCMM is committed to facilitating the various needs of the
Commodities Industrial Internet by leveraging Artificial
Intelligence, Blockchain, Cloud and Big Data in its Industrial
Internet platform, LCMM connects industry verticals, transforms
existing businesses and empowers industry leaders via a complete
financial services value chain. The initial focus is on the metals
industry, with additional opportunities in other industries such as
energy and natural gas, agriculture, and building materials. LCMM
is positioned to become the premiere financial services platform
for the Commodities Industrial Internet.
Placing Details
Curzon Energy has raised GBP166,066 by way of a placing of
16,606,594 new ordinary shares of GBP0.0001 each ("Placing Shares")
to institutional investors at a price of GBP0.01 per share, plus
17,606,594 twenty-four month warrants, exercisable into ordinary
shares at a price of GBP0.015 per ordinary share for a period of
twenty-four months ("June 2022 Warrants")(together the
"Placing").
Total Voting Rights (TVR)
The Placing is conditional on admission of the Placing Shares to
trading on the London Stock Exchange ("Admission").
Application will be made to the London Stock Exchange for
Admission of the Placing Shares, which will rank pari passu with
the Company's existing issued Ordinary Shares. Dealings are
expected to commence at 8.00 a.m. on or around 10 June 2020.
Following the issue of the Placing Shares, the issued share
capital of the Company will consist of 99,639,565 ordinary shares
of GBP0.0001 each with voting rights.
The above figure of 99,639,565 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 Disclosure and Transparency
Rules.
Note: Market soundings, as defined in the Market Abuse
Regulation ("MAR"), were taken in respect of the Placing with the
result that certain persons became aware of inside information, as
permitted by MAR. That inside information is set out in this
announcement and has been disclosed as soon as possible in
accordance with paragraph 7 of article 17 of MAR. Therefore, those
persons that received inside information in a market sounding are
no longer in possession of inside information relating to the
Company and its securities.
For further information please
contact:
Curzon Energy Plc +44 (0) 20 7747 9980
Scott Kaintz
www.curzonenergy.com
SP Angel Corporate Finance LLP +44 (0) 20 3470 0470
Richard Hail
Optiva Securities Limited +44 (0) 20 3137 1902
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END
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June 04, 2020 02:00 ET (06:00 GMT)
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