Ascent Resources plc has raised £400,000 before expenses from existing shareholders through issuing 13,333,333 new ordinary shares of 0.5 pence each, at a price of 3 pence per placing share.
Subject to shareholder approval, each placing share has one warrant attached with an exercise price of 5 pence per new warrant share over the next two years.
On admission, the company will have 165,751,348 ordinary shares in issue, none of which will be held in treasury.
USES
The proceeds will allow Ascent “to continue to execute at full capacity across its various initiatives and while it awaits for the conclusion of the Beryl strategic investment”.