Share Name Share Symbol Market Type Share ISIN Share Description
Echo Energy LSE:ECHO London Ordinary Share GB00BF0YPG76 ORD 0.25P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.25p +2.47% 10.375p 10.00p 10.75p 10.375p 10.00p 10.125p 724,270 15:22:33
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil & Gas Producers 0.0 -7.3 -18.6 - 37.82

Independent Resources PLC Block Admission, Warrant Exercise and TVR

30/03/2017 3:13pm

UK Regulatory (RNS & others)


Echo Energy (LSE:ECHO)
Historical Stock Chart

6 Months : From Feb 2017 to Aug 2017

Click Here for more Echo Energy Charts.

TIDMIRG

RNS Number : 0639B

Independent Resources PLC

30 March 2017

FOR IMMEDIATE RELEASE

Independent Resources plc

("IRG" or the "Company")

Block Admission, Warrant Exercise and Total Voting Rights

Block Admission

The Company announces that applications have been made for the block admissions of up to a total of 641,547,936 ordinary shares of 0.1p each in the Company (the "New Ordinary Shares") to trading on AIM (the "Block Admissions") relating to eight warrant instruments, already in existence.

New Ordinary Shares are expected to be issued from time to time pursuant to the exercise of warrants to subscribe for ordinary shares of 0.1p each in the Company ("Ordinary Shares") which will, when issued, rank pari passu with the Company's existing Ordinary Shares.

The Block Admissions have been made in respect of the issue of Ordinary Shares pursuant to the exercise of:

(i) Warrants issued by the Company in 2015 to subscribe for new Ordinary Shares at a price of 1.5p per new Ordinary Share (the "May 2015 Warrants - Batch 1");

(ii) Warrants issued by the Company in 2015 to subscribe for new Ordinary Shares at a price of 1.2p per new Ordinary Share (the "May 2015 Warrants - Batch 2");

(iii) Warrants issued by the Company in 2015 to subscribe for new Ordinary Shares at a price of 1.5p per new Ordinary Share (the "May 2015 Warrants - Batch 3");

(iv) Warrants issued by the Company in 2015 to subscribe for new Ordinary Shares at a price of 1.5p per new Ordinary Share (the "July 2015 Warrants");

(v) Warrants issued by the Company in 2015 to subscribe for new Ordinary Shares at a price of 1.0p per new Ordinary Share (the "November 2015 Warrants - Batch 1");

(vi) Warrants issued by the Company in 2015 to subscribe for new Ordinary Shares at a price of 0.72p per new Ordinary Share (the "November 2015 Warrants - Batch 2");

(vii) Warrants issued by the Company in 2015 to subscribe for new Ordinary Shares at a price of 0.12p per new Ordinary Share (the "December 2016 Warrants - Batch 1"); and

(viii) Warrants issued by the Company in 2015 to subscribe for new Ordinary Shares at a price of 0.08p per new Ordinary Share (the "December 2016 Warrants - Batch 2");

 
 May 2015 Warrants 
  - Batch 1                9,200,000 
------------------------  ------------ 
 May 2015 Warrants 
  - Batch 2                4,000,000 
------------------------  ------------ 
 May 2015 Warrants 
  - Batch 3                30,800,000 
------------------------  ------------ 
 July 2015 Warrants        8,724,019 
------------------------  ------------ 
 November 2015 Warrants 
  - Batch 1                133,333,333 
------------------------  ------------ 
 November 2015 Warrants 
  - Batch 2                6,000,000 
------------------------  ------------ 
 December 2016 Warrants 
  - Batch 1                401,578,334 
------------------------  ------------ 
 December 2016 Warrants 
  - Batch 2                47,912,250 
------------------------  ------------ 
 Total:                    641,547,936 
------------------------  ------------ 
 

The Block Admissions are expected to be effective from 05 April 2017.

Warrant Exercise

The Company also announces that it has received exercise notices from certain of its warrant holders to exercise 10,000,000 warrants into New Ordinary Shares as per the table below:

 
 Exercise   No. of warrants 
  price      being exercised 
---------  ----------------- 
 0.12p      10,000,000 
---------  ----------------- 
 Total:     10,000,000 
---------  ----------------- 
 

The total consideration received by the Company pursuant to the warrant exercise will be GBP12,000.00.

Application will be made for the 10,000,000 New Ordinary Shares, which will rank pari passu with the existing ordinary shares, to be admitted to trading on AIM ("Admission"). Admission is expected to occur on 05 April 2017.

Total Voting Rights

Following Admission, the total number of voting rights in the Company will be 3,911,086,881 ordinary shares. This number may be used by 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 FCA's Disclosure and Transparency Rules.

James Parsons, Chairman, commented:

"As we approach the end of the open offer we are pleased to confirm this block listing which enables the Company to handle future warrant exercises in a cost effective and efficient manner.

The team and I look forward to meeting investors at the General Meeting on 18th April where we will reveal the next step of the Echo Energy journey."

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.

For more information, please visit www.ir-plc.com or contact:

 
James Parsons            Echo Energy plc         j.parsons@echoenergyplc.com 
 Greg Coleman             Echo Energy plc         g.coleman@echoenergyplc.com 
                         ZAI Corporate Finance 
John Treacy               Ltd.                   020 7060 2220 
  Jamie Spotswood           (Nominated Adviser) 
Oliver Stansfield         Brandon Hill Capital 
 Jonathan Evans            (Broker)              020 3463 5000 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

STRURRSRBKAOOAR

(END) Dow Jones Newswires

March 30, 2017 10:13 ET (14:13 GMT)

1 Year Echo Energy Chart

1 Year Echo Energy Chart

1 Month Echo Energy Chart

1 Month Echo Energy Chart
Your Recent History
LSE
GKP
Gulf Keyst..
LSE
QPP
Quindell
FTSE
UKX
FTSE 100
LSE
IOF
Iofina
FX
GBPUSD
UK Sterlin..
Stocks you've viewed will appear in this box, letting you easily return to quotes you've seen previously.

Register now to create your own custom streaming stock watchlist.

By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions

P:42 V:gb D:20170820 00:12:16