TIDMADME
RNS Number : 5476E
ADM Energy PLC
28 October 2022
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 GBP400,000 (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 GBP500,000 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 GBP0.01 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:
ADM Energy plc +44 20 7459 4718
Oliver Andrews, Chairman
www.admenergyplc.com
Cairn Financial Advisers LLP +44 20 7213 0880
(Nominated Adviser)
Jo Turner, James Caithie
Hybridan LLP +44 20 3764 2341
(Broker)
Claire Louise Noyce
ODDO BHF Corporates & Markets AG +49 69 920540
(Designated Sponsor)
Michael B. Thiriot
Gracechurch Group +44 20 4582 3500
(Financial PR)
Harry Chathli, Alexis Gore, Henry Gamble
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 835km(2) 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
identi ed 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 re ect the Directors' current beliefs
and assumptions and are based on information currently available to
the Directors.
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END
IOEFEIFIAEESESS
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