TIDMSYN

RNS Number : 1204H

Synergia Energy Ltd

25 July 2023

RNS Announcement

25 July 2023

AIM: SYN

Cambay C-77H Workover Funding Secured and TVR

The Board of Synergia Energy Limited (Synergia or the Company) is very pleased to announce that it has arranged the funding required for the completion of the Cambay 77H well workover.

The Company has arranged an equity capital raising, with existing sophisticated and institutional investors, and clients of Novum Securities Limited, of GBP775,000 before expenses, through the issue of 704,545,454 new fully paid ordinary shares (Placement Shares) at GBP 0.11 pence per share (Placement). The Placement will be completed in two tranches by 7 August 2023.

The Placement is being conducted by Novum Securities Limited (Novum) as lead broker to the capital raising. Accordingly, in connection with the Placing, the Company has also agreed to issue 13,636,363 unquoted options to Novum, exercisable at GBP 0.11 pence on or before 31 July 2026 (Fee Options).

Funds raised from the Placement are intended to be applied to the completion of the Cambay 77H well workover, and the Company's working capital base.

The Placement 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 Placement 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 Placement Shares, the Company's share capital and total voting rights will comprise 9,122,336,158 shares. The Company does not hold any shares in treasury. Consequently, 9,122,336,158 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), the Company's current 16.8% shareholder, has arranged to subscribe for GBP325,000 of the Placement. As a result of Republic being categorised as a Substantial Shareholder of the Company, it is deemed a related party of the Company pursuant to the AIM Rules for Companies (AIM Rules). Accordingly, Republic's participation in the Placement is classified as a related party transaction pursuant to the AIM Rules.

The Directors of the Company, having consulted with Strand Hanson Limited, the Company's Nominated Adviser, consider that the terms of Republic's participation in the Placement are fair and reasonable insofar as the Company's shareholders are concerned.

For and on behalf of Synergia Energy Limited

Roland Wessel

CEO

For further information, please contact:

 
 Investor                     AIM Joint      AIM Joint                    AIM Nominated     Media Enquires (UK) 
  Enquires                     Broker        Broker                        Adviser          Vigo Consulting 
  Synergia                     Panmure       Novum Securities              Strand Hanson    Investor Relations 
  Energy Ltd                   Gordon (UK)   Broker                        Limited          Patrick d'Ancona / 
  Briana Stayt                 Ltd           Colin Rowbury                 Nominated        Finlay Thomson 
  Investor                     Broker        Email:                        Adviser          Email: 
  Relations                    John Prior    crowbury@novumsecurities.c    Ritchie Balmer   patrick.dancona@vigoconsul 
  Email:                       / Hugh Rich   om                            / Rory Murphy    ting.com 
  bstayt@synergiaenergy.com    / Freddie     Tel: +44 20                   Tel: +44 20      finlay.thomson@vigoconsult 
  Tel: +61                     Wooding       7399 9427                     7409 3494        ing.com 
  8 9485 3200                  Tel: +44      UK                            UK               Tel:+ 44 20 7390 0230 
  Australia                    (0)20 7886                                                   UK 
                               2500 
                               UK

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(END) Dow Jones Newswires

July 25, 2023 05:52 ET (09:52 GMT)

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