RNS Number : 2155T

Scirocco Energy PLC

21 July 2022

21 July 2022

Scirocco Energy plc

("Scirocco" or the "Company")

Investment Facility Part Settlement and TVR

Scirocco Energy (AIM: SCIR), the AIM investing company targeting attractive assets within the European sustainable energy and circular economy markets, announces that the subscriber (the "Subscriber") under the share subscription deed governing the investment facility ("Investment Facility"), the details of which were announced to the market on 29 June 2020, has issued the Company a settlement notice for US$100,000.

This notice, together with the settlement notices announced on 15 October 2020, 5 May 2021, 24 January 2022, 18 March 2022, and 6 May 2022 means that an aggregate US$1.525 million of the total US$2.0 million subscribed for to date by the Subscriber pursuant to the Investment Facility has been settled through the issue of new ordinary shares in Scirocco.

Accordingly, the Company has issued and allotted 30,369,291 ordinary shares, with a deemed price of GBP0.0028 ("Settlement Shares") to the Subscriber. The Subscriber's investment was made as a prepayment for ordinary shares in the Company, the number (and price) of which were to be determined at the time the Subscriber elected to receive such shares, according to the average of five daily volume-weighted average prices during the twenty trading days prior to the date of such election.

Application will be made for the Settlement Shares to be admitted to trading on AIM with admission expected to take place on or around 27 July 2022 ("Admission"). The Settlement Shares will rank pari passu in all respects with all existing ordinary shares in the Company.

Following Admission, the Company's enlarged issued share capital will comprise 855,572,469 ordinary shares with voting rights.

This figure of 855,572,469 ordinary shares 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 their interest in, the share capital of the Company under the Disclosure Rules and Transparency Rules of the United Kingdom Financial Conduct Authority.

For further information:

 Scirocco Energy plc 
  Tom Reynolds, CEO                                +44 (0) 20 7466 
  Doug Rycroft, COO                                 5000 
   Strand Hanson Limited, Nominated Adviser 
   & Broker                                          +44 (0) 20 7409 
   Ritchie Balmer / James Spinney / Rory Murphy      3494 
   WH Ireland Limited, Broker                        +44 (0) 0207 220 
   Harry Ansell / Katy Mitchell                      1666 
   Buchanan, Financial PR                            +44 (0) 20 7466 
   Ben Romney / Jon Krinks                           5000 

This announcement is not for publication or distribution, directly or indirectly, in or into the United States of America. This announcement is not an offer of securities for sale into the United States. The securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933 (the "Securities Act"), or with any securities regulatory authority of any state or other jurisdiction of the United States. The securities may not be offered or sold in the United States, except pursuant to an applicable exemption from or in a transaction not subject to the registration requirements of the Securities Act and in compliance with any applicable securities laws of any state or other jurisdiction of the United States. No public offering of the securities is being made in the United States.

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(END) Dow Jones Newswires

July 21, 2022 02:00 ET (06:00 GMT)

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