Phoenix Global Resources PLC Exercise of Warrants (7697W)

TIDMPGR

RNS Number : 7697W

Phoenix Global Resources PLC

17 November 2017

17 November 2017

Phoenix Global Resources plc

("Phoenix" or the "Company")

Exercise of Warrants

The Board of Phoenix (AIM: PGR; BCBA: PGR) announces that it has received notice from Upstream Capital Partners VI Limited ("Upstream"), part of the Mercuria group of companies, to exercise warrants to subscribe for 10,228,089 ordinary shares of 10 pence each (the "Shares") at a price of 43 pence per share, further evidence of Mercuria's support for the Company and its management. As a result of the exercise of these warrants Mercuria maintains its 78% interest in the issued share capital of the Company.

The Company has received GBP4,398,078.27 and an application has been made for admission of the Shares to trading on AIM and dealings in the Shares are expected to commence at 8.00 a.m. on 21 November 2017. The Shares will rank pari passu with the Company's existing issued ordinary shares.

Total Voting Rights

Following Admission of the 10,228,089 Shares and of the 361,429 Shares, which are the subject of a separate announcement also issued by the Company this morning, the total number of shares in issue will be 2,532,942,512. The Company does not hold any Shares in treasury. 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 in, the share capital of the Company under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.

Ends

Enquiries:

 
 Phoenix Global          Anuj Sharma,       T: [phone] 
  Resources plc           CEO                7500 
                          Philip Wolfe,      T: +44 (0) 207 
                          CFO                839 4974 
  Stockdale Securities    Antonio Bossi      T: +44 (0) 207 
                           Ed Thomas          601 6100 
  Panmure Gordon          Adam James         T: +44 (0) 207 
                           Atholl Tweedie     886 2500 
  Camarco                 Billy Clegg        T: +44 (0) 203 
                           Gordon Poole       757 4980 
                           James Crothers 
 

About Phoenix:

Phoenix Global Resources is a London Stock Exchange (AIM: PGR) and Buenos Aires Stock Exchange (BCBA: PGR) listed independent Argentina focused oil and gas exploration and production company. The Company has over 6.3 million licensed working interest acres in Argentina (of which over 5 million are operated), 61.7 million boe of working interest 2P reserves and average production of approximately 11,300 working interest boepd in 2016. Phoenix has significant exposure to the unconventional opportunity in Argentina through its 480,000 working interest acres with Vaca Muerta potential.

The Company's website is www.phoenixglobalresources.com

This information is provided by RNS

The company news service from the London Stock Exchange

END

IOEGGGPPGUPMGBQ

(END) Dow Jones Newswires

November 17, 2017 02:00 ET (07:00 GMT)