RNS Announcement
5 November 2024
AIM: SYN
Operational Update, Equity Issue and TVR
The Board of Synergia Energy Limited (Synergia or the Company) is very pleased to announce that it has arranged funding for the initial development of its
Operational update
As previously announced, the Company has completed its farm out of a 50% working interest in its Cambay PSC in
The Company's Medway Hub Camelot CCS project, (the "CCS Project"), a 50:50 joint venture with Harbour Energy, is being progressed through the NSTA-prescribed work program and solid progress is being achieved on the next (site characterisation and assessment) phases. As previously announced, Synergia are seeking to farm out up to 25% of the CCS Project.
Equity Issue
The Company has completed an equity issue of a total of 2,021,800,000 new fully paid ordinary shares (New Shares) at
The capital raise will act as a bridge to the expected increased cashflow from the Cambay PSC, and the targeted farm out of the CCS Project.
The abovementioned conversion of loans is in relation to the unsecured loans from existing investors announced on 12 June 2024. Subsequent to the equity settlement, there are no further outstanding loan balances.
Each new ordinary share issued will come with one free unquoted warrant resulting in 2,021,180,000 warrants. The warrants are exercisable at
In connection with the capital raise, the Company has also agreed to issue 75,900,000 unquoted options to Novum, exercisable at
Net proceeds from the capital raise are intended to be applied to the CCS project, and the Company's working capital base.
The New Shares will rank pari passu in all respects with the existing shares. Application will be made in due course to the London Stock Exchange for the New Shares to be admitted to trading on AIM with a further announcement at that time.
Total Voting Rights
Following the issue of all of the New Shares, the Company's share capital and total voting rights will comprise 12,760,055,029 shares. The Company does not hold any shares in treasury. Consequently, 12,760,055,029 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 under the FCA's Disclosure and Transparency Rules.
Related Party Transaction
Republic Investment Management Pte Ltd ("Republic") participated in
The Directors of the Company, having consulted with Strand Hanson Limited, the Company's Nominated Adviser, consider that the terms of Republic's participation are fair and reasonable insofar as the Company's shareholders are concerned.
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of
For and on behalf of Synergia Energy Limited
Roland Wessel
CEO
For further information, please contact:
Investor Enquires Synergia Energy Ltd Briana Stayt Investor Relations Email: bstayt@synergiaenergy.com Tel: +61 8 9485 3200 |
AIM Joint Broker Panmure Liberum Ltd Broker Mark Murphy / Rauf Munir / Freddie Wooding Tel: +44 (0)20 7886 2500 |
AIM Joint Broker Novum Securities Broker Colin Rowbury Email: crowbury@novumsecurities.com Tel: +44 20 7399 9427 |
AIM Nominated Adviser Strand Hanson Limited Nominated Adviser Ritchie Balmer / Rory Murphy Tel: +44 20 7409 3494 |
Media Enquires ( Vigo Consulting Investor Relations Patrick d'Ancona / Finlay Thomson Email: patrick.dancona@vigoconsulting.com finlay.thomson@vigoconsulting.com Tel:+ 44 20 7390 0230 |
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