Ascent Resources plc has raised £242,500 after agreeing to the immediate exercise of the remaining equity warrants issued on 6 August 2020.
The August 2020 warrant holders owned in total a remaining 6,062,500 new equity warrants exercisable at 4 pence per new warrant share.
In exchange for the accelerated warrant exercise, Ascent agreed to issue the same warrant holders with one and a half new equity warrants per each August 2020 warrant exercised.
A total of 9,093,750 new warrants have been issued, exercisable at a price of 5 pence per new warrant share at any time over the next three years.
Ascent is focused on onshore Caribbean, Hispanic American and European oil and gas and natural resources.