Angus Energy plc has restarted drilling at Saltfleetby and is to issue the second tranche of shares following its two-tranche fundraise comprising a placing and subscriptions in December 2022.
SALTFLEETBY DRILLING
The company said that drilling has to date reached 2,553 metres measured depth at the onshore gas field within PEDL005 on the coast of Lincolnshire.
SECOND TRANCHE OF SHARES
The first tranche of subscriptions generated an initial £3.7m through the issue of 226,219,000 ordinary shares at 1.65p per share.
Angus said it now had sufficient authorities to issue the second tranche of 89,781,000 new ordinary shares together with 311,250,000 warrants in respect of the entire fundraising.
The company will also issue Forum Energy Services Ltd with 60,606,061 new ordinary shares at the fundraising price of 1.65 pence per share, together with the issue of 30,303,030 warrants on the same basis.
This is in settlement of Angus’s obligation to pay certain deferred consideration of £1,000,000 to Forum in accordance with the Saltfleetby sales and purchase agreement announced in May 2022.
Total warrants and Forum warrants, subject to the passing of the resolutions and assuming no exercise of existing options and warrants, will be 341,553,030 representing 9.96% of the enlarged issued share capital of Angus.
Following admission of the new ordinary shares, the total number of ordinary shares in the capital of the company in issue will be 3,430,876,075 with voting rights.