Prospex Announces Conversion of Loan Notes and TVR

Source: www.gulfoilandgas.com 7/14/2021, Location: Europe

Prospex Energy PLC, the AIM quoted investment company focused on European gas and power projects, announces that it has received a conversion notice in respect of £200,000 of the Company's 2020 convertible loan note issue (the '2020 Loan Notes'), such issue having been announced by the Company on 24 December 2020.

Following receipt of the conversion notice, £200,000 of the 2020 Loan Notes have been converted into 9,756,098 ordinary shares (the 'Conversion Shares') at a conversion price of 2.05p in accordance with the terms of the 2020 Loan Notes. Following the conversion, £215,838.28 of the 2020 Loan Notes remain outstanding.

Application will be made for the Conversion Shares to be admitted to trading on AIM with admission expected to take place on or around 19 July 2021. The Conversion Shares will rank pari passu in all respects with all existing ordinary shares in the Company.

Following admission of the Conversion Shares, the Company's enlarged issued share capital will comprise 148,299,898 Ordinary Shares. The Company has 7,361 shares in treasury, therefore the figure of 148,292,537 should 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 to their interest in, the share capital of the Company under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.

The conversion notice was received from Mr Colin Wilson, who will have a holding of 6.6 per cent in the enlarged share capital of the Company.

Background information on the 2020 Loan Notes
As announced on 24 December 2020, the Company issued a total of £415,838.28 of the 2020 Loan Notes, to new and certain existing investors and members of the Board and management.

The 2020 Loan Notes pays 10% interest per annum and were issued with a term of 18 months with capital repayment of unconverted amounts due on 30 June 2022. The 2020 Loan Notes grant the subscribers the right but not the obligation to convert the loan, on notice, into new ordinary shares in the Company each at 2.05 pence per share. The Company can elect at any time to repay the 2020 Loan Notes early in cash.


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