Serinus Energy raises $21m through oversubscribed placing

Serinus Energy

Serinus Energy plc (LON:SENX), an international upstream oil and gas exploration and production company that owns and operates projects in Tunisia and Romania, has announced that following the accelerated bookbuild which was announced at 4.35 p.m. on 26 November 2020, the Company has conditionally raised gross proceeds of USD21 million through the oversubscribed placing of 787,936,852 Placing Shares and Subscription Shares, both at a price of 2 pence per new Ordinary Share.

Directors participation in the Subscription

Jeffrey Auld, Andrew Fairclough and Eleanor Barker have agreed to subscribe for Subscription Shares at the Placing Price. The number of Subscription Shares subscribed for by Jeffrey Auld, Andrew Fairclough and Eleanor Barker pursuant to the Subscription, and their resulting shareholding on Admission, is set out below:

As at the date of this announcementImmediately following Admission
NameRoleNo. of Existing Ordinary Shares% of Existing Ordinary Share capitalNo. of Placing Shares subscribed forNo. of Ordinary Shares held following Admission% of Enlarged Share capital
Jeffrey AuldCEO557,1660.232,000,0002,557,1660.22%
Andrew FaircloughCFO382,1210.16500,000882,1210.09%
Eleanor BarkerNED100,0000.04400,000500,0000.05%

Notice of General Meeting

A Circular explaining the background to and reasons for the Placing and Subscription and containing the Notice of General Meeting, which will take place at 10.00 a.m. on 15 December, is expected to be posted to shareholders today. A copy of the Circular and Notice of General Meeting will thereafter be made available on the Company’s website: further terms and conditions of the Placing and subscription are set out in the Company’s announcement at 4.35 p.m. yesterday.

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Completion of the Placing and Subscription remains subject, inter alia, to the passing of the Resolutions at the General Meeting and to Admission of the New Ordinary Shares. It is expected that dealings in the New Ordinary Shares will commence at 8.00 a.m. on 17 December 2020.

Total voting rights

Following Admission, the total number of Ordinary Shares and voting rights in Serinus Energy will be 1,027,735,227. The Company does not hold any shares in treasury.

The above figure may be used by 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 share capital of the Company under the FCA’s Disclosure and Transparency Rules.

Unless otherwise defined, all capitalised terms in this announcement are defined in the announcement released yesterday at 4.35 p.m.

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