Echo Energy PLC Issue of Equity & Total Voting Rights

RNS Number : 5862V

Echo Energy PLC

09 July 2024

 

This announcement contains inside information for the purposes of Article 7 of the UK version of Regulation (EU) No 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018, as amended ("MAR"). Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.

9 July 2024

Echo Energy PLC

Issue of Equity

&

Total Voting Rights

 

Echo (LON:ECHO), the Latin America focused natural resources company, announces that pursuant to the announcement on 6 June 2024 regarding the Conditional Convertible Loan Note,  the Company has received a Conversion Notice for £35,000, being the balance of the  of outstanding loan note. Accordingly, the Company has today issued 1,296,296,296 new ordinary shares of 0.0001 pence each ("New Ordinary Shares") at a price of 0.0027 pence per New Ordinary Share, being the lesser of: (i) 150% of the Company's closing bid price on the trading day immediately prior to the date of draw-down of the relevant tranche; or (ii) 90% of the lowest closing bid price in the five trading days immediately preceding the date of conversion as specified in the agreement.

 

Application has been made to the London Stock Exchange for the New Ordinary Shares to be admitted to trading on AIM ("Admission") and it is expected that such Admission will take place on or around 8.00 a.m. on or around 15 July 2024.

In accordance with the provision of the Disclosure Guidance and Transparency Rules of the Financial Conduct Authority, the Company confirms that, following the issue of the New Ordinary Shares, its issued ordinary share capital will comprise 21,649,686,518 Ordinary Shares. All the Ordinary Shares have equal voting rights and none of the Ordinary Shares are held in Treasury. The total number of voting rights in the Company will therefore be 21,649,686,518. The above figure may be used by shareholders as the denominator for the calculations to determine if they are required to notify their interests in, or a change to their interest in, the Company.

For further information please contact:

Echo Stephen Birrell, Chief Executive Officer	Via Vigo Consulting [e-mail]
WH Ireland Limited (Nominated Adviser and Broker) James Joyce James Bavister Isaac Hooper	Tel: [phone]
Vigo Consulting (Investor Relations) Ben Simons Peter Jacob	Tel: [phone] [e-mail]

 

About Echo

 

Following the partial divestment of its assets in Argentina, Echo entered into a 50:50 joint venture in Peru in July 2024 with an experienced local partner for precious metals (gold/silver) mining and the cleaning of known tailings deposits containing Measured and Indicated resources of gold and silver. Through the JV, known as Boku Resources, Echo has secured an opportunity to scale operations in Peru producing gold and silver through primary mining and tailings cleaning, owning 50% of the production and resources. Initially, Boku intends to establish formalised artisanal and small mining operations on its 100% held Tesoro Gold concession, southern Peru, targeting early cash flow generation by Q4 2024 from an initial 147 oz/month of gold production (estimated) through an existing tolling plant.

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