San Leon Energy PLC Issue of shares (8137I)

TIDMSLE

RNS Number : 8137I

San Leon Energy PLC

22 June 2017

22 June 2017

San Leon Energy plc

("San Leon" or the "Company")

Issue of shares pursuant to Yorkville Standby Equity Distribution Agreement

San Leon announces that it has issued equity shares to YA II PN Ltd (formerly known as YA Global Master SPV Ltd), an investment fund managed by Yorkville Advisors Global LP ("Yorkville"), pursuant to a SEDA-Backed Loan Agreement, as amended ("SEDA"), which SEDA was entered into and initially announced on 18 April 2013. San Leon and Yorkville have agreed to vary the SEDA as follows (the "Settlement").

Under the Settlement, San Leon will issue 6,254,905 ordinary shares in the Company to Yorkville at a price per share of 32 pence (the "Settlement Shares"), which shares will rank pari passu in all respects with the issued ordinary shares of the Company.

Application for the Settlement Shares will be made to the London Stock Exchange and trading in these shares is expected to commence on or around 28 June 2017. Following the issue of the Settlement Shares, the Company's issued share capital will comprise 456,280,625 shares and the Company's ongoing liability to Yorkville, as at 21 June 2017 will be $2,815,415. This remaining balance is to be repaid to Yorkville on or before 31 October 2017.

Further detail on the Settlement and the Company's historic relationship with Yorkville, are shown below.

The Company intends to release its financial results for the year to 31 December 2016 on 30 June 2017.

Market Abuse Regulation (MAR) Disclosure

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

Directors' Responsibility Statement

The Directors of San Leon accept responsibility for the information contained in this announcement. To the best of their knowledge and belief (having taken all reasonable care to ensure such is the case), the information contained in this announcement is in accordance with the facts and does not omit anything likely to affect the import of such information.

Enquiries:

 
                                         + 353 1291 
 San Leon Energy plc                           6292 
 Oisin Fanning, Chief Executive 
 
 SP Angel Corporate Finance LLP         [phone] 
  (Nominated Adviser)                          0470 
 Richard Morrison 
 Richard Hail 
 Soltan Tagiev 
 
 Whitman Howard Limited (Financial      [phone] 
  adviser and Joint broker)                    1234 
 Nick Lovering 
 Francis North 
 
 Brandon Hill Capital Limited (Joint    [phone] 
  broker to the Company)                       5000 
 Oliver Stansfield 
 Jonathan Evans 
 
 Vigo Communications (Financial         [phone] 
  Public Relations)                            9700 
 Chris McMahon 
 Alexandra Roper 
 
                                         +353 1 280 
 Plunkett Public Relations                     7873 
 Sharon Plunkett 
 

Further information about San Leon's relationship with Yorkville

On April 18, 2013 Yorkville and the Company entered into the SEDA being a loan agreement (as modified and extended from time to time including on 22 October 2015, 29 December 2016, 31 January 2017 and 31 March 2017). Under the SEDA San Leon is indebted to Yorkville as follows:

 
         Description              Amount       Amount 
-----------------------------  -----------  ----------- 
 Total Principal                $3,680,720 
-----------------------------  -----------  ----------- 
 Interest as of May 
  5, 2017                       $ 384,695 
-----------------------------  -----------  ----------- 
 Extension Fee per December 
  2016 Amending Agreement       $ 750,000 
-----------------------------  -----------  ----------- 
 
                                             $4,815,415 
-----------------------------  -----------  ----------- 
 
 Repayment Fee                   $250,000 
-----------------------------  -----------  ----------- 
 Restructuring Fee               $300,000     $550,000 
-----------------------------  -----------  ----------- 
 
 Total                                       $5,365,415 
-----------------------------  -----------  ----------- 
 
 Amount converted into 
  6,254,905 ordinary 
  shares in San Leon. 
  This is a conversion 
  ratio of 2.45 ordinary 
  shares per $                  $2,550,000 
-----------------------------  -----------  ----------- 
 Amount still owed under 
  the SEDA and subject 
  to agreement on conversion 
  rights                        $2,815,415 
-----------------------------  -----------  ----------- 
 
 Total                                       $5,365,415 
-----------------------------  -----------  ----------- 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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June 22, 2017 02:00 ET (06:00 GMT)