Statement Re. Share Price Movement

Source: www.gulfoilandgas.com 2/18/2021, Location: Africa

ADM Energy PLC, a natural resources investing company, notes the recent movement in the Company's share price.

The Company confirms that it was in discussions with its shareholders, funding partners and prospective and new investors in connection with a possible equity fundraising, including via a placing, and investment opportunity in an existing discovery in Nigeria. The Company further confirms that it has terminated the discussions in respect of the placing but remains in discussion with one of its funding partners and certain other potential investors in respect of a possible subscription ("Fundraise"). The Directors expect that, should the Fundraise proceed, for which there can be no certainty, the Fundraise will likely be concluded at a premium to the current share price at the time of this announcement and it is the intention of the Directors to participate in the Fundraise.

The Company is continuing discussions in respect of the investment opportunity which are at an advanced stage, however, there is also no certainty that the investment will be made.

Completion of the investment opportunity is not conditional on the Fundraise but it is expected that any proceeds from the Fundraise would be put towards the investment opportunity and provide the Company with additional working capital.


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