Prospex Energy Announces Subscription to Raise GBP2.395M

Source: www.gulfoilandgas.com 2/7/2022, Location: Europe

Prospex Energy PLC, the AIM quoted investment company focused on European gas and power projects, announces that it has raised £2.395 million before expenses, through the conditional placing and subscription of 68,428,572 New Ordinary Shares of £0.001 each at a price of 3.5 pence per share, a 16.7 percent discount to the closing share price on 4 February 2022. The fundraising was oversubscribed and supported by existing and new institutional and retail investors, as well as Directors of the Company and is subject to shareholder approval.

Highlights

- Proceeds of the fundraising will be used to:
- Acquire 20% of the Selva Field in Italy, more than doubling the company's current holding from 17% to 37%, estimated to add 2.7 billion cubic feet ("Bcf") of 2P gas reserves to Prospex's portfolio
- Fund the development costs of the Selva project to first gas expected in Q1 2023

- Full Director participation in the subscription

- Existing shareholders who have not had the opportunity to participate in the placing, will be able to do so now at the same placing price through Broker Option Shares via Peterhouse Capital Ltd (contact details below) to raise up to a further £0.24 million

- Proposed removal of pre-emptive rights over 41.3 percent of the enlarged share capital to allow the Company to capitalise on the fast-moving opportunities within the energy sector and advance its existing portfolio

Commenting on the placing, Mark Routh, CEO of Prospex said:

"This placing has exceeded expectations and we have surpassed the minimum amount we needed for Selva from existing and new investors. We have had full support from our major shareholders and participation from all Board directors and we have closed the placing without issuing any warrants. It will provide Prospex with the funds needed to significantly increase our interest in the Selva Field in Italy, fund the development costs of that project to first gas and will enable us to fund other opportunities.

"I am particularly pleased to be offering all existing shareholders the opportunity to participate in this placing via the broker option at the same price as the placees in this subscription. The broker option will be available to existing shareholders until 16:30 on Tuesday 8 February 2022.

"Any extra funds received via the broker option scheme will allow us to accelerate and advance work on the infill well drilling campaign on the El Romeral concession in Spain currently waiting on permits to drill the first three infill wells. The first two wells to be drilled on two proven gas-bearing structures are expected to bring the generation utilisation of the plant up to full capacity.

"I would like to take this opportunity to thank existing shareholders for their support and welcome our new shareholders as we look to accelerate growth and increase shareholder value."


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United Kingdom >>  8/11/2022 - Highlights
· Share placement commitments to raise A$14.9 million gross proceeds.
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