TIDMCZN
RNS Number : 5201R
Curzon Energy PLC
01 March 2019
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.
Curzon Energy Plc
("Curzon" or the "Company")
Equity Placing and Loan Note Financing
1 March 2019
Curzon Energy plc (LON:CZN) the London Stock Exchange listed oil
and gas development company, pursuing a targeted strategy of
upstream North American natural gas appraisal and development
assets, announces the completion of an equity fundraising of
GBP95,000 at GBP0.0158 per New Ordinary Share and provides details
on a loan note financing.
Highlights
-- Fundraising of GBP95,000, at a 21.5% premium to the closing
mid-market share price on 28 February 2019
-- Participation and support from existing shareholders and directors
-- Foundation for advancement of US natural gas development strategy in place
-- Use of proceeds to progress the MOU with Pared Energy on a
multi-TCF onshore natural gas project in Texas ("Texas Gas
Project") to Heads of Terms ("HOT"), as well as providing
short-term working capital
Scott Kaintz, Chief Executive Officer, comments:
"We are very pleased to have completed this important Placing at
a premium to the current share price and secured additional
financing from our largest shareholder following several months
where our focus lay largely on cost reductions and corporate
streamlining.
Support from both existing shareholders and directors in the
Placing demonstrates the backing behind our initiative on an
attractive multi-TCF onshore natural gas project in Texas with
Pared Energy. We remain focussed on obtaining a meaningful interest
in the Texas Gas Project as a priority, and also in progressing a
farm-out or other external funding and development opportunities in
relation to our heritage asset at Coos Bay.
This fundraising and the proposed HOT marks the beginning of the
next phase of Curzon's development and we look forward to updating
the market on its progression in due course."
Placing and Loan Note Financing
Curzon Energy has raised GBP95,000 by way of a placing by Optiva
Securities Limited of 6,012,655 new ordinary shares of GBP0.01 each
("Placing Shares") in the Company at a price of GBP0.0158 per
Placing Share, plus 1 warrant for every 2 Placing Shares,
exercisable into ordinary shares at a price of GBP0.0158 per
ordinary share for a period of twenty four months ("February 2021
Warrants") (together the "Placing").
Directors have shown their support for the Texas Gas Project by
subscribing for the following number of Placing Shares:
-- Scott Kaintz, a director of the Company: 949,367 Placing Shares
-- Riverfort Capital Ltd, an entity which is controlled by Brian
Kinane, a non-executive director of the Company: 632,911 Placing
Shares.
-- John McGoldrick, the non-executive chairman of the Company: 316,455 Placing Shares
Following the Placing, the table below sets out the total
shareholding and interests of the directors in the share capital of
the Company:
Directors Ordinary Shares Total Shares Options Warrants
% of Enlarged
Issued Share
Direct Indirect Capital
-------- --------- ------------- ---------- ---------
Scott Kaintz 949,367 0 949,367 1.14% 0 474,684
-------- --------- ------------- -------------- ---------- ---------
Brian Kinane 0 757,911 757,911 0.91% 1,263,456 316,456
-------- --------- ------------- -------------- ---------- ---------
John McGoldrick 316,455 0 316,455 0.38% 842,562 158,228
-------- --------- ------------- -------------- ---------- ---------
Owen May 0 0 0 0% 0 0
-------- --------- ------------- -------------- ---------- ---------
In addition, the Company retains access to a loan note of up to
$1,000,000 provided by YA Global Investments, LP ("YAGI"), an
entity related to its largest shareholder ("Loan Note"). To date,
$100,000 of this Loan Note has been drawn down.
The Company has been informed by YAGI that the Placing proceeds
will be matched by an equal amount to be made available to the
Company under the Loan Note.
The resulting funds from the Placing and the drawdown of the
Loan Note will provide working capital through to completion of the
definitive commercial terms of the HOT, which will provide Curzon
with its initial working interest participation in the Texas Gas
Project, at which point the Company will have to evaluate its
funding requirements going forward.
Total Voting Rights (TVR)
The Placing is conditional on admission of the Shares to trading
on the London Stock Exchange ("Admission").
Application will be made to the London Stock Exchange for
Admission of the 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 6 March 2019.
Following the issue of the Placing Shares, the issued share
capital of the Company will consist of 83,032,971 ordinary shares
of GBP0.01 each with voting rights.
The above figure of 83,032,971 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
Optiva Securities Limited +44 (0) 20 3137 1902
Christian Dennis, Jonathan Brown
PDMR Disclosure
The notifications below, made in accordance with the
requirements of the EU Market Abuse Regulation, provide further
detail on the director's share dealing.
Notification and public disclosure of transactions by persons
discharging managerial responsibilities and persons closely
associated with them.
1. Details of the person discharging managerial responsibilities/person
closely associated
(a) Full name of person Dealing Scott Kaintz
----------------------------------------- ---------------------------------------
2. Reason for notification
----------------------------------------------------------------------------------
(a) Position/status Chief Executive Officer
----------------------------------------- ---------------------------------------
(b) Initial notification/ Amendment Initial notification
----------------------------------------- ---------------------------------------
3. Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
----------------------------------------------------------------------------------
(a) Name of entity Curzon Energy Plc
----------------------------------------- ---------------------------------------
(b) LEI 213800NFARY38KGRAH47
----------------------------------------- ---------------------------------------
4. Details of the transaction(s): section to be repeated for
(i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions have
been conducted
----------------------------------------------------------------------------------
(a) Description of the financial instrument, Ordinary shares of 1
type of instrument pence each in the Company
----------------------------------------- ---------------------------------------
(b) Identification code GB00BD97ND60
----------------------------------------- ---------------------------------------
(c) Nature of the transaction Purchase of shares
----------------------------------------- ---------------------------------------
(d) Price(s) and volume(s) Prices(s) Volume(s)
1.58 pence 949,367
----------
----------------------------------------- ---------------------------------------
(e) Aggregated information: Single transaction as
- Aggregated volume in 4(d) above Prices(s) Volume(s)
- Price 1.58 pence 949,367
----------
----------------------------------------- ---------------------------------------
(f) Date of transaction 28 February 2019
----------------------------------------- ---------------------------------------
(g) Place of transaction London
----------------------------------------- ---------------------------------------
1. Details of the person discharging managerial responsibilities/person
closely associated
(a) Full name of person Dealing Scott Kaintz
----------------------------------------- ---------------------------------------
2. Reason for notification
----------------------------------------------------------------------------------
(a) Position/status Chief Executive Officer
----------------------------------------- ---------------------------------------
(b) Initial notification/ Amendment Initial notification
----------------------------------------- ---------------------------------------
3. Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
----------------------------------------------------------------------------------
(a) Name of entity Curzon Energy Plc
----------------------------------------- ---------------------------------------
(b) LEI 213800NFARY38KGRAH47
----------------------------------------- ---------------------------------------
4. Details of the transaction(s): section to be repeated for
(i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions have
been conducted
----------------------------------------------------------------------------------
(a) Description of the financial instrument, Ordinary shares of 1
type of instrument pence each in the Company
----------------------------------------- ---------------------------------------
(b) Identification code GB00BD97ND60
----------------------------------------- ---------------------------------------
(c) Nature of the transaction Issue of warrants pursuant
to the purchase of shares
----------------------------------------- ---------------------------------------
(d) Price(s) and volume(s) Prices(s) Volume(s)
1.58 pence 474,684
----------
----------------------------------------- ---------------------------------------
(e) Aggregated information: Single transaction as
- Aggregated volume in 4(d) above Prices(s) Volume(s)
- Price 1.58 pence 474,684
----------
----------------------------------------- ---------------------------------------
(f) Date of transaction 28 February 2019
----------------------------------------- ---------------------------------------
(g) Place of transaction London
----------------------------------------- ---------------------------------------
1. Details of the person discharging managerial responsibilities/person
closely associated
(a) Full name of person Dealing Brian Kinane
----------------------------------------- ---------------------------------------
2. Reason for notification
----------------------------------------------------------------------------------
(a) Position/status Non-Executive Director
----------------------------------------- ---------------------------------------
(b) Initial notification/ Amendment Initial notification
----------------------------------------- ---------------------------------------
3. Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
----------------------------------------------------------------------------------
(a) Name of entity Curzon Energy Plc
----------------------------------------- ---------------------------------------
(b) LEI 213800NFARY38KGRAH47
----------------------------------------- ---------------------------------------
4. Details of the transaction(s): section to be repeated for
(i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions have
been conducted
----------------------------------------------------------------------------------
(a) Description of the financial instrument, Ordinary shares of 1
type of instrument pence each in the Company
----------------------------------------- ---------------------------------------
(b) Identification code GB00BD97ND60
----------------------------------------- ---------------------------------------
(c) Nature of the transaction Purchase of shares
----------------------------------------- ---------------------------------------
(d) Price(s) and volume(s) Prices(s) Volume(s)
1.58 pence 632,911
----------
----------------------------------------- ---------------------------------------
(e) Aggregated information: Single transaction as
- Aggregated volume in 4(d) above Prices(s) Volume(s)
- Price 1.58 pence 632,911
----------
----------------------------------------- ---------------------------------------
(f) Date of transaction 28 February 2019
----------------------------------------- ---------------------------------------
(g) Place of transaction London
----------------------------------------- ---------------------------------------
1. Details of the person discharging managerial responsibilities/person
closely associated
(a) Full name of person Dealing Brian Kinane
----------------------------------------- ---------------------------------------
2. Reason for notification
----------------------------------------------------------------------------------
(a) Position/status Non-Executive Director
----------------------------------------- ---------------------------------------
(b) Initial notification/ Amendment Initial notification
----------------------------------------- ---------------------------------------
3. Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
----------------------------------------------------------------------------------
(a) Name of entity Curzon Energy Plc
----------------------------------------- ---------------------------------------
(b) LEI 213800NFARY38KGRAH47
----------------------------------------- ---------------------------------------
4. Details of the transaction(s): section to be repeated for
(i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions have
been conducted
----------------------------------------------------------------------------------
(a) Description of the financial instrument, Ordinary shares of 1
type of instrument pence each in the Company
----------------------------------------- ---------------------------------------
(b) Identification code GB00BD97ND60
----------------------------------------- ---------------------------------------
(c) Nature of the transaction Issue of warrants pursuant
to the purchase of shares
----------------------------------------- ---------------------------------------
(d) Price(s) and volume(s) Prices(s) Volume(s)
1.58 pence 316,456
----------
----------------------------------------- ---------------------------------------
(e) Aggregated information: Single transaction as
- Aggregated volume in 4(d) above Prices(s) Volume(s)
- Price 1.58 pence 316,456
----------
----------------------------------------- ---------------------------------------
(f) Date of transaction 28 February 2019
----------------------------------------- ---------------------------------------
(g) Place of transaction London
----------------------------------------- ---------------------------------------
1. Details of the person discharging managerial responsibilities/person
closely associated
(a) Full name of person Dealing John McGoldrick
----------------------------------------- ---------------------------------------
2. Reason for notification
----------------------------------------------------------------------------------
(a) Position/status Non-Executive Chairman
----------------------------------------- ---------------------------------------
(b) Initial notification/ Amendment Initial notification
----------------------------------------- ---------------------------------------
3. Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
----------------------------------------------------------------------------------
(a) Name of entity Curzon Energy Plc
----------------------------------------- ---------------------------------------
(b) LEI 213800NFARY38KGRAH47
----------------------------------------- ---------------------------------------
4. Details of the transaction(s): section to be repeated for
(i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions have
been conducted
----------------------------------------------------------------------------------
(a) Description of the financial instrument, Ordinary shares of 1
type of instrument pence each in the Company
----------------------------------------- ---------------------------------------
(b) Identification code GB00BD97ND60
----------------------------------------- ---------------------------------------
(c) Nature of the transaction Purchase of shares
----------------------------------------- ---------------------------------------
(d) Price(s) and volume(s) Prices(s) Volume(s)
1.58 pence 316,455
----------
----------------------------------------- ---------------------------------------
(e) Aggregated information: Single transaction as
- Aggregated volume in 4(d) above Prices(s) Volume(s)
- Price 1.58 pence 316,455
----------
----------------------------------------- ---------------------------------------
(f) Date of transaction 28 February 2019
----------------------------------------- ---------------------------------------
(g) Place of transaction London
----------------------------------------- ---------------------------------------
1. Details of the person discharging managerial responsibilities/person
closely associated
(a) Full name of person Dealing John McGoldrick
----------------------------------------- ---------------------------------------
2. Reason for notification
----------------------------------------------------------------------------------
(b) Position/status Non-Executive Chairman
----------------------------------------- ---------------------------------------
(c) Initial notification/ Amendment Initial notification
----------------------------------------- ---------------------------------------
3. Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
----------------------------------------------------------------------------------
(a) Name of entity Curzon Energy Plc
----------------------------------------- ---------------------------------------
(b) LEI 213800NFARY38KGRAH47
----------------------------------------- ---------------------------------------
4. Details of the transaction(s): section to be repeated for
(i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions
have been conducted
----------------------------------------------------------------------------------
(a) Description of the financial instrument, Ordinary shares of 1
type of instrument pence each in the Company
----------------------------------------- ---------------------------------------
(b) Identification code GB00BD97ND60
----------------------------------------- ---------------------------------------
(c) Nature of the transaction Issue of warrants pursuant
to the purchase of shares
----------------------------------------- ---------------------------------------
(d) Price(s) and volume(s) Prices(s) Volume(s)
1.58 pence 158,228
----------
----------------------------------------- ---------------------------------------
(e) Aggregated information: Single transaction as
- Aggregated volume in 4(d) above Prices(s) Volume(s)
- Price 1.58 pence 158,228
----------
----------------------------------------- ---------------------------------------
(f) Date of transaction 28 February 2019
----------------------------------------- ---------------------------------------
(g) Place of transaction London
----------------------------------------- ---------------------------------------
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END
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