Ascent Resources plc has raised gross US$1million (£763,170) via a direct subscription at a 43% premium.
The company issued 33,181,304 new ordinary shares of 0.5p each to oil and gas investor CB Energy VI, LLC at a price of 2.3 pence per new share.
Following completion of the subscription and admission, CB Energy will have an approximate 12.2% interest in Ascent’s issued share capital.
Net proceeds will be used to continue business development activities and general corporate and administrative expenses.
CB Energy was introduced to Ascent by its substantial shareholder MBD Partners SA, which will receive an introducer’s fee of $25,000 under the 2023 strategic collaboration.
On admission, Ascent will have 271,304,265 ordinary shares in issue with voting rights.
The company holds none of the shares in treasury.