18th Jan 2019 17:25
LONDON (Alliance News) - Oil and gas explorer Ascent Resources PLC said Friday it will offer shares in the company at 0.30 pence each, without specifying how much it was targeting to raise.
Shares in Ascent Resources closed down 8.1% Friday at 0.37 pence each.
Ascent said the shares, being offered on PrimaryBid.com, represent a 20% discount to its closing mid-price on Thursday.
Ascent said it is raising the funds for general working capital, to develop its Petisovci project in Slovenia and to help progress opportunities outside Slovenia.
The offer will be open to individual and institutional investors from 1700 GMT Friday to 1700 GMT Sunday on a "first come, first served" basis. Any offer over GBP50,000 will require consultation with Ascent.
Earlier in the week, Ascent said it will now focus outside of Slovenia, though it will still look at developing the "significant" gas reserves at Petisovci.
The new strategy brought a board switch-up. Chief Executive Colin Hutchison, who has been operating on a part-time basis, is to resume as boss full-time.
Former Palomar Natural Resources CEO John Buggenhagen has joined as chief operating officer, in a non-board capacity, while Non-Executive Chair Clive Carver has resigned with Non-Executive Director Cameron Davies taking on the chair role.
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Ascent Resources