President Energy Plc, the upstream oil and gas company with a diverse portfolio of production and exploration assets focused primarily in Argentina , announced on 3 June 2020 a fundraising comprising a placing of new Ordinary Shares (the "Placing") in conjunction with a significant subscription of shares in the Company by the international commodity trader Trafigura (the "Subscription") and an intended conversion of debt under the existing unsecured loan facility between IYA Global Limited and the Company (the "Conversion") in addition to an offer via PrimaryBid (the "PrimaryBid Offer").
The Company is pleased to announce that the PrimaryBid Offer successfully closed at 9 p.m. on 3 June 2020 conditionally raising gross proceeds of £2.24 million. A total of 121,284,926 new Ordinary Shares (" Offer Shares ") will be issued at 1.85 pence per share pursuant to the PrimaryBid Offer. The total gross proceeds to be raised under the Placing and PrimaryBid Offer amount to £4.73 million (approx. US$5.9 million ).
Application will be made for the Offer Shares, to be admitted to trading on London Stock Exchange ("Admission"). Dealings are expected to commence at 8.00 a.m. on 23 June 2020 , at the same time as the closing of the Subscription, Conversion and the Placing.
The PrimaryBid Offer is conditional upon the passing of the resolutions (the "Resolutions") at the general meeting of the Company, being approved by Shareholders at a General Meeting being held on 22 June 2020.
