Financing Facility Conversion and Issue of Equity
29 November 2018
Anglo African Oil & Gas plc, an independent oil and gas developer, has received notification from Sandabel Capital L.P. ("Sandabel") that it has exercised conversion rights over the remaining £250,000 unsecured loan notes, issued pursuant to the partial drawdown announced on 19 November 2018, at a conversion price of 6.3 pence per share. The company will, therefore, issue Sandabel with 3,968,253 new Ordinary Shares in the capital of the Company (the "New Shares").
The Company does not intend to drawdown further on the Sandabel financing facility and is exploring alternative financing options.
Details of the New Shares
Application will be made for the New Shares, which will rank pari passu with the existing shares, to be admitted to trading on AIM ("Admission"). It is expected that Admission will become effective and dealings will commence in the New Shares on or around 5 December 2018.
Total Voting Rights
Following the issue of the New Shares, the issued share capital of the Company will consist of 177,929,038 shares. No shares were held in treasury at the date of this announcement. The total current voting rights in the Company are therefore 177,929,038.
The above total current voting rights number is the figure which may be used by shareholders as the denominator for the calculation by which they will determine if they are required to notify their interest in, or a change to their interest in the Company.
Market Abuse Regulation (MAR)
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.
For further information please visit www.aaog.com or contact:
|Anglo African Oil & Gas plc
David Sefton, Executive Chairman
James Berwick, Chief Executive Officer
|Tel: c/o St Brides Partners
+44 20 7236 1177
|finnCap Ltd (Nominated Adviser and Broker)||Tel: +44 20 7220 0500|
|Christopher Raggett, Giles Rolls, Anthony Adams (Corporate Finance)
Camille Gochez (Corporate Broking)
|St Brides Partners (Financial PR)||Tel: +44 20 7236 1177|
|Frank Buhagiar, Hugo de Salis, Juliet Earl|
Notes to Editors
Anglo African Oil & Gas (AAOG) is an AIM-listed independent oil and gas company that owns a 56 per cent stake in the producing Tilapia oil field in the Republic of the Congo. The Company boasts a low-cost production story in a prolific hydrocarbon region with significant exploration upside, differentiating it substantially from its E&P peers. Additionally, management's remuneration is tied to hitting production milestones, reflecting their strong focus on cost control.