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EQS-News: ADM Energy PLC
/ Key word(s): Miscellaneous
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF EU REGULATION 596/2014 (WHICH FORMS PART OF DOMESTIC UK LAW PURSUANT TO THE EUROPEAN UNION (WITHDRAWAL) ACT 2018). UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.
28 October 2022
ADM Energy PLC ("ADM" or the "Company")
Subscription Update and Issue of Equity
Following the Company's announcement on 17 October 2022, ADM Energy PLC (AIM: ADME; BER and FSE: P4JC), a natural resources investing company, is pleased to advise that the balance of the subscription proceeds of £400,000 (the "Subscription") from Tennessee Black Gold LLC ("Tennessee Black Gold" or the "Subscriber") has been provided in full.
The Subscription
As per the terms of the subscription agreement, the Company has raised £500,000 net through the issue of 41,666,667 new ordinary shares ("Subscription Shares") to Tennessee Black Gold at a subscription price of 1.2 pence per share, which will represent 14.0% per cent of the Company's enlarged issued share capital on Admission (defined below).
In addition, as set out in the Company's announcement of 17 October 2022, the Subscriber has additionally agreed to provide to the Company a loan facility of $250,000.00, to be advanced in five monthly instalments of US$50,000.00 each. The first instalment of the loan is in the process of being remitted and expected to be received shortly.
Directorate Change
In addition, the Company announces that with the subscription now completing, Osa Okhomina will step down from the Board of Directors and his position as Chief Executive Officer ("CEO") from the end of October. The Company is continuing the recruitment process for a new CEO and will update the market in due course.
Admission and Total Voting Rights
Application has been made for the the Subscription Shares, which total 41,666,667 new ordinary shares and which rank pari passu with the Company's existing ordinary shares, to be admitted to trading on AIM ("Admission"). It is expected that Admission of the Subscription Shares will become effective and that dealings will commence at 08.00 am on or around 4 November 2022.
Following Admission, the Company's enlarged issued share capital will comprise 297,147,530 ordinary shares of £0.01 each with voting rights in the Company. This figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in the interest in, the share capital of the Company under the FCA's Disclosure and Transparency Rules.
Enquiries:
About ADM Energy PLC
ADM Energy PLC (AIM: ADME; BER and FSE: P4JC) is a natural resources investing company with an existing asset base in Nigeria. ADM Energy holds a 9.2% profit interest in the oil producing Aje Field, part of OML 113, which covers an area of 835km² offshore Nigeria. Aje has multiple oil, gas, and gas condensate reservoirs in the Turonian, Cenomanian and Albian sandstones with five wells drilled to date.
ADM Energy is seeking to build on its existing asset base in Nigeria and target other investment opportunities across the West African region in the oil and gas sector with attractive risk reward profiles such as proven nature of reserves, level of historic investment, established infrastructure and route to early cash flow.
About Tennessee Black Gold LLC
Tennessee Black Gold LLC is a private U.S. investment company led by Claudio Coltellini, an Italian national who for the last 13 years has invested in U.S. oil and gas and leads four private companies with assets in the states Texas, Louisiana, Kansas and California.
Forward Looking Statements
Certain statements in this announcement, are, or may be deemed to be, forward looking statements. Forward looking statements are identified by their use of terms and phrases such as "believe", "could", "should", "envisage'', "estimate", "intend", "may", "plan", "potentially", "expect", "will" or the negative of those, variations or comparable expressions, including references to assumptions. These forward looking statements are not based on historical facts but rather on the Directors' current expectations and assumptions regarding the Company's future growth, results of operations, performance, future capital and other expenditures (including the amount, nature and sources of funding thereof), competitive advantages, business prospects and opportunities. Such forward looking statements reflect the Directors' current beliefs and assumptions and are based on information currently available to the Directors.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
28.10.2022 GMT/BST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG. |
| Language: | English |
| Company: | ADM Energy PLC |
| 60 Gracechurch street | |
| EC3V 0HR London | |
| United Kingdom | |
| Phone: | +44 (0)2077863555 |
| E-mail: | hello@admenergyplc.com |
| Internet: | www.admenergyplc.com |
| ISIN: | GB00BJFDXW97 |
| WKN: | A2PLC1 |
| Listed: | London |
| EQS News ID: | 1474989 |
| End of News | EQS News Service |
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1474989 28.10.2022 GMT/BST
