Source - Alliance News

Ascent Resources PLC - oil and gas exploration company focused on European onshore projects - Raises around $1.7 million to help fund investment into a private US holding company, GNG Partners LLC. Notes GNG Partners has been formed to acquire onshore US midstream gas distribution and processing facilities, which use helium purification and liquefaction. Raises £555,000 through the issue of 24.1 million shares at 2.3 pence each, with one for three warrants attached exercisable at 140% of the issue price at any time in the next four years. This comprises a £390,000 placing and £165,000 subscription at the issue price. Further, enters into a new $2 million senior secured fixed coupon loan facility with institutional investor RiverFort Global Opportunities PCC Ltd. Explains an initial $1 million loan amount has been issued on a 12-month term. The fundraise and the initial loan will be used to fund the investment into GNG alongside the company’s ongoing costs to build out the new strategy. Ascent says it has provided a convertible loan of $1 million to GNG which has bought the assets of Paradox Resources LLC out of Chapter 11 bankruptcy.

Current stock price: 2.20p, down 6.4%

12-month change: up 42%

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