Columbus Energy Resources PLC Result of Open Offer and Total Voting Rights (3239V)

TIDMCERP

RNS Number : 3239V

Columbus Energy Resources PLC

02 November 2017

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2 November 2017

COLUMBUS ENERGY RESOURCES PLC

("COLUMBUS" or the "Company")

Result of Open Offer and Total Voting Rights

Columbus is pleased to announce the result of the Open Offer for up to approximately GBP1.0 million at 5.0 pence per Existing Ordinary Share, further details of which were set out in the Open Offer Circular (the "Circular") despatched to Qualifying Shareholders on 16 October 2017.

The Open Offer has been heavily oversubscribed, with valid acceptances, including excess applications, for 64,720,401 Open Offer Shares, being approximately 3.2 times the number made available under the Open Offer.

Qualifying Shareholders who have validly applied for Open Offer Shares will receive their full Open Offer Entitlement.

Applications under the Excess Application Facility will be scaled back pro rata to the number of Excess Shares applied for by Qualifying Shareholders.

Application will be made for these 20,129,349 Open Offer Shares, which will rank pari passu in all respects with the Existing Ordinary Shares, to be admitted to trading on the AIM Market of the London Stock Exchange. It is expected that Admission of the Open Offer Shares will occur, and dealings will commence at 8.00 a.m. on 7 November 2017.

The Company has raised total gross proceeds from the Placing, Subscription and Open Offer of approximately GBP4.1 million via the issuance of 82,129,349 Placing, Subscription Shares and Open Offer Shares.

Following Admission, the Company's enlarged issued share capital will comprise 644,139,184 Ordinary Shares, with voting rights. The Company does not hold any Ordinary Shares in treasury. Therefore, the total number of Ordinary Shares in the Company with voting rights will be 644,139,184. 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 in their interest in, the share capital of the Company under the FCA's Disclosure and Transparency Rules.

Leo Koot, Executive Chairman of Columbus, commented:

"We are delighted to have received such a strong response from our existing shareholders, with the Open Offer being heavily oversubscribed and acceptances of 3.2 times the Open Offer Shares. The Open Offer was provided to allow our existing shareholders to participate on the same terms as the Placing to Schroders, the institutional investor.

The Company is really building momentum and we will continue to focus on key operational objectives of progressing development of the high quality, low risk Goudron Field and advancing the exploration prospectivity in the South West Peninsula. We look forward to updating the market on these areas by the end of this calendar year."

All defined terms in this announcement have the meanings given to them in the Circular.

Contact Information:

 
   Columbus Energy Resources Plc              [phone] 
    Leo Koot / Gordon Stein                             9230 
   VSA Capital Limited 
    Financial Adviser & Broker                [phone] 
    Andrew Raca / Justin McKeegan                       5000 
   Beaumont Cornish Limited 
    Nominated Adviser and Joint Broker        [phone] 
    Roland Cornish / Rosalind Hill Abrahams             3396 
   Camarco 
    Public and Investor Relations             [phone] 
    Georgia Edwards / James Crothers                    4983 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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November 02, 2017 03:00 ET (07:00 GMT)