Result of Oversubscribed Fundraising

Source: 3/24/2021, Location: Africa

ADM Energy PLC, a natural resources investing company, is pleased to announce the successful completion of its Fundraising which has now closed oversubscribed. The offer was enlarged to accommodate additional investor interest from both new and existing investors.

The Placing and Subscription Offer has raised approximately £1,220,000 (before commission and expenses) through the placing and subscription of 28,710,250 new Ordinary Shares at an Issue Price of 4.25 pence per share. Certain directors, PDMRs and other investors participated in the Subscription.

As previously disclosed, the purpose of the Subscription and Placing is, inter alia, to fund the acquisition of a 51% interest in Karra Oil Noble Hill, and through that a controlling interest in a Risk Sharing Agreement for the development of the large-scale Barracuda Field in OML 141, an existing discovery and near-term production asset in swamp/shallow waters offshore Nigeria.

Osamede Okhomina, CEO of ADM Energy plc, said: "We are delighted to successfully conclude this oversubscribed fundraise which demonstrates the strength of investor interest and confidence in ADM. I would like to welcome all our new investors and thank existing shareholders for their ongoing support and commitment to our strategy to build a portfolio of assets with attractive rewards, with a view to minimizing risks where possible.

"As part of that strategy, today we announced a significant agreement for ADM, acquiring a controlling interest in a Risk Sharing Agreement for the development of the Barracuda Field, which gives the Company access to another high-quality asset in Nigeria. With plans to drill a new well in Q4 2021, and multiple additional wells thereafter, the Barracuda Field has the potential to come on stream later this year and bring significant increases in production volumes and cashflows to the Company thereafter."

Director/PDMR Dealing
Pursuant to the Fundraising, the Company's Non-Executive Chairman Peter Francis, CEO Osamede (Osa) Okhomina, COO Richard Carter, and Non-executive Director Dr Stefan Liebing, being Directors of the Company, and PDMRs, CFO Lionel Therond, Head of Corporate Communications & New Ventures Thato Mngomezulu and Financial Controller Lewis Boddy, subscribed for new Ordinary Shares as follows:

The subscriptions by each of Peter Francis, Osa Okhomina, Richard Carter and Dr Stefan Liebing, as Directors of the Company, all of whom are classified as related parties under the AIM Rules for Companies, constitute a related party transaction.

The Directors (save for Peter Francis, Osa Okhomina, Richard Carter and Dr Stefan Liebing) consider, having consulted with the Company's Nominated Adviser, that the terms of the director participation in the Subscription are fair and reasonable insofar as its shareholders are concerned.

Issue of Warrants
In connection with the Fundraise, the Company has issued 502,941 warrants to its lead broker to the transaction, Hybridan LLP ("Broker Warrants") to subscribe for Ordinary Shares at an exercise price equal to the Issue Price. Hybridan LLP now holds 622,941 warrants in total.

Amendment of Warrants
Further, as announced on 25 August 2020, the Company had agreed to rebase certain existing warrants with a new exercise price equal to the Issue Price ("Amended Warrants"). The total number of Amended Warrants is 4,705,882. The remainder of the terms of each Amended Warrant is unchanged, including their vesting period and expiry dates.

The Company after this Transaction will have 28,229,182 warrants outstanding.

Admission to AIM and Total Voting Rights
Application will be made to the London Stock Exchange for the New Ordinary Shares, which will rank pari passu with the Company's existing Ordinary Shares, to be admitted to trading on AIM. Dealings in the New Ordinary Shares are expected to commence at 8.00 a.m. on or around 30 March 2021.

Following the issue of the New Ordinary Shares, the Company will have 151,479,323 ordinary shares of 1p each in issue. There are no ordinary shares are held in treasury. The figure of 151,479,323 may be used by the Company's 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 Company under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.

Capitalized terms in this announcement shall have the meanings given to such terms in the Announcement at 07.00 a.m. on 23 March 2021.

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