Infinity Energy S.A.
("Infinity" or the "Company")
Issue of Equity
The board of Infinity (the "Board") is pleased to announce that, following
investor demand, the Company has raised approximately GBP500,000, before
expenses, through Peterhouse Corporate Finance, by way of a placing of
555,558,200 new ordinary shares ("New Ordinary Shares") at a price of 0.09p per
share (the "Placing"). The Placing is subject only to the admission of the New
Ordinary Shares to trading on AIM.
Application has been made for the New Ordinary Shares to be admitted to trading
on AIM and dealings are expected to commence on or around 22 March 2017. The
New Ordinary Shares will rank pari passu with the existing ordinary shares.
The proceeds of the subscription will be used to increase the cash reserves of
the Company as the Board seeks to explore and complete investment opportunities
in line with its strategy in the UK onshore oil and gas sector.
Commenting on the subscription, Gerwyn Williams, Chairman of Infinity, said:
"I am very pleased in the continuing and growing confidence being shown by
investors in the Company. This further demonstration of support for Infinity
from the investment community provides the opportunity to increase the free
float of the Company and provide the necessary funding to enable us to press
forward with our strategic goals. The Board believes that these further funds
are expected to be sufficient to provide the Company with the funding required
to undertake any required pre-completion work to execute this strategy.
Shareholders should rest assured that the Company is committed to delivering
news regarding the implementation of this strategy in the short-term".
Following the issue of the New Ordinary Shares, the total number of shares in
issue is 923,260,234 ordinary shares, each with voting rights. There are no
shares held in treasury. Therefore, the total number of voting rights in the
Company is 923,260,234. This figure may 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 under
the Disclosure and Transparency Rules.
This announcement includes inside information as defined in Article 7 of the
Market Abuse Regulation No. 596/2014 and is disclosed in accordance with the
Company's obligations under Article 17 of those Regulations.
For further information, please contact:
Infinity Energy S.A.
Gerwyn Williams Tel: +44 7889 677 397
Bruce Vandenberg Tel: +44 7899 791 726
Cairn Financial Advisers LLP
Sandy Jamieson / James Caithie Tel: +44 207 213 0880
WH Ireland Limited
Paul Shackleton / Nick Prowting Tel: +44 207 220 1666
Peterhouse Corporate Finance Limited
Eran Zucker / Lucy Williams Tel: +44 20 7469 0930
(END) Dow Jones Newswires
March 16, 2017 12:02 ET (16:02 GMT)