i3 Energy PLC Result of General Meeting (5476U)

TIDMI3E

RNS Number : 5476U

i3 Energy PLC

29 March 2019

29 March 2019

i3 Energy plc

("i3" or the "Company")

Result of General Meeting

Capitalised terms used in this announcement (this "Announcement") have the meanings given to them in the announcement made 12(th) March 2019 regarding the proposed placing (the "Placing Announcement"), unless the context provides otherwise.

Result of General Meeting

i3 Energy plc, an independent oil and gas company with assets and operations in the UK, is pleased to announce that, following the conclusion of its general meeting held earlier today, all resolutions as set out in the circular sent to shareholders of the Company on 13 March 2019 were duly passed. This includes the passing of the resolutions in relation to the Placing so that the Second Tranche of 32,237,716 New Ordinary Shares may be issued, allotted and admitted to trading.

Admission

Admission of the Second Tranche of 32,237,716 New Ordinary Shares will become effective at 8.00 a.m. on 1(st) April 2019 and dealings will also commence at that time.

Further to the announcement of 25th May 2018, 925,926 Ordinary Shares previously issued to James Card Asset Management ("JCAM") on 25th May 2018 pursuant to the conversion by JCAM of part of the loan then owed to it by the Company have also been applied to be admitted to trading. Admission of these shares is expected to commence on or around 4(th) April 2019.

In accordance with the provisions of the Disclosure Guidance and Transparency Rules of the Financial Conduct Authority, the Company confirms that, following the issue of the Second Tranche of New Ordinary Shares on 1(st) April 2019 its issued ordinary share capital will comprise 84,260,681 Ordinary Shares of GBP0.0001 each. All of 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 84,260,681 on Admission of the Second Tranche of New Ordinary Shares. The above figure may be used by shareholders, at the appropriate dates above, as the denominator for the calculations to determine if they are required to notify their interests in, or change to their interest in, the Company.

Further to the announcement on 22(nd) March 2019, application will be made for the 2,131,538 Ordinary Shares issued to management and the board to be admitted to trading. It is expected that admission of these shares will commence on or around 4(th) April 2019.

In accordance with the provisions of the Disclosure Guidance and Transparency Rules of the Financial Conduct Authority, the Company confirms that, following admission to trading of the Ordinary Shares to directors and management, as announced on 22 March 2019, its issued ordinary share capital will comprise 86,392,219 Ordinary Shares of GBP0.0001 each from 4(th) April 2019. All of 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 86,392,219 on admission these new Ordinary Shares. The above figure may be used by shareholders, at the appropriate dates above, as the denominator for the calculations to determine if they are required to notify their interests in, or change to their interest in, the Company.

ENDS

CONTACT DETAILS:

 
   i3 Energy plc 
   Majid Shafiq (CEO) / Graham Heath       c/o Camarco 
    (CFO)                                   Tel: [phone] 
   WH Ireland Limited (Nomad and Joint 
    Broker) 
   James Joyce, James Sinclair-Ford        Tel: [phone] 
   Canaccord Genuity Limited (Joint 
    Broker) 
   Henry Fitzgerald- O'Connor, James       Tel: [phone] 
    Asensio 
   GMP FirstEnergy (Joint Broker) 
   Jonathan Wright                         Tel: [phone] 
   Camarco 
    Jennifer Renwick, Jane Glover, James     Tel: [phone] 
    Crothers 
 
 
  Notes to Editors: 
   i3 is an oil and gas development company initially focused on the North Sea. The Company's 
   core asset is the Greater Liberator Area, located in Blocks 13/23d and 13/23c, containing 
   11 MMBO of 2P Reserves, 22 MMBO of 2C Contingent Resources and 47 MMBO of mid-case Prospective 
   Resources. The Greater Liberator Area consists of the Liberator oil field discovered by well 
   13/23d-8 and the Liberator West extension, both of which i3 hold a 100% working interest in. 
 
   The Company's strategy is to acquire high quality, low risk producing and development assets, 
   to broaden its portfolio and grow its reserves and production. 
 
   The information contained within this announcement is deemed by the Company to constitute 
   inside information under the Market Abuse Regulation (EU) No. 596/2014. 
 

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END

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March 29, 2019 11:58 ET (15:58 GMT)