# Ascent Resources PLC Successful fundraising of £3m via PrimaryBid

- Link: https://www.directorstalkinterviews.com/ascent-resources-plc-successful-fundraising-3m-via-primarybid/412723689
- Published: 2017-02-13T07:08:48+00:00
- Author: Giles Arbor

**Ascent Resources plc** (LON:AST), the European focused oil & gas exploration and
production company, announced on 10 February 2017 the launch of an institutionally
underwritten Offer to raise approximately £3 million at 1.85p per New Ordinary Share.
The Offer closed at 5.00 p.m. on 12 February 2017.

The Company is delighted to announce that it has successfully closed the fundraise
as announced on 10 February 2017. The fundraise received a strong response from 
private and institutional investors, and includes a subscription under the Offer
for 270,270 shares by Colin Hutchinson, Chief Executive. The gross proceeds of the
fundraise are £2,987,750 (£2,838,363 net of costs).

The Company will therefore issue and allot a total of 161,500,000 New Ordinary Shares
to satisfy the Offer. Application has been made to the London Stock Exchange for
these New Ordinary Shares, which rank pari passu with the Company’s existing Ordinary
Shares, to be admitted to trading on AIM. Dealings are expected to commence at 8.00
a.m. on 16 February 2017.

Total Voting Rights

Following the issue of the New Ordinary Shares, the Company will have 1,510,578,713
ordinary shares of 0.2p each in issue. No Ordinary Shares are held in treasury. 
The figure of 1,510,578,713 may be used by the Company’s shareholders as the denominator
for the calculations by which they will determine if they are required to notify
their interest in, or a change to their interest in, the Company under the Financial
Conduct Authority’s Disclosure Rules and Transparency Rules.

> **Colin Hutchinson, Chief Executive Officer of Ascent Resources Plc, commented:**“
> I am delighted with the response to the Offer and the significant proportion of
> the shares taken up by private investors. It is pleasing that in using PrimaryBid
> private investors usually excluded from such Offers have been able to participate
> on the same terms as institutional investors at this exciting time for the Company.”

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