29 January 2024
Echo Energy
plc
("Echo" or the
"Company")
Issue of Equity and Total
Voting Rights
Echo Energy plc is pleased to
announce that is has conditionally raised £250,000 (before
expenses), pursuant to a direct subscription for, in aggregate,
5,555,555,556 new Ordinary Shares of 0.0001 pence each (the
"Subscription Shares") at an issue price of 0.0045 pence per new
ordinary share (the "Issue Price) by certain new investors (the
"Subscription").
In addition, the Company announces
the issue of an aggregate of 363,555,556 warrants to the arranger
of the Subscription. The warrants are exercisable at a strike price
of o.oo8 pence ("Warrants"), for an exercisable period of 5 years
and have an expiry date of 29 January 2029.
After broker and dealing fees, the
Company will receive net proceeds of £232,279. The net proceeds
from the Subscription will be used on pursuing new projects and
working capital requirements.
The Company has the authority to
issue and allot the New Ordinary Shares pursuant to certain
existing shareholder authorities granting such powers to the
directors at the Company's General Meeting held on 31 October
2023.
Application has been made to the
London Stock Exchange for the New Ordinary Shares to be admitted to
trading on AIM ('Admission') and it is expected that such
Admission is expected to take place on or around 8.00 a.m. on
1 February 2024. The new ordinary shares, which will rank pari
passu with the Company's existing ordinary shares.
In accordance with the provision of
the Disclosure Guidance and Transparency Rules of the Financial
Conduct Authority, the Company confirms that, following the issue
of the new Ordinary Shares, its issued ordinary share capital will
comprise 13,285,526,975 Ordinary shares. All of the Ordinary shares
have equal voting rights and none of the ordinary shares are held
in Treasury. The total number of voting rights in the Company
will therefore be 13,285,526,975. The above figure may be used by
shareholders as the denominator for the calculations to determine
if they are required to notify their interests in, or change to
their interest in, the Company.
For further
information please contact:
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Echo Energy
Stephen Birrell, Chief Executive
Officer
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info@echoenergyplc.com
|
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Cavendish Capital Markets Limited (Nominated
Adviser)
Adrian Hadden
Ben Jeynes
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Tel: 44 (0)20 7220 0500
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The information contained within this announcement is deemed
by the Company to constitute inside information as stipulated under
the UK version of the EU Market Abuse Regulation 596/2014 which is
part of UK law by virtue of the European Union (Withdrawal) Act
2018, as amended and supplemented from time to time. Upon the
publication of this announcement, this inside information is now
considered to be in the public domain