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Ascent Resources completes GBP1 million subscription
20 Sep 2019
AIM-listed Ascent Resources, the independent oil and gas exploration and production company, operating in the Petisovci Gas Project in Slovenia, has entered into a subscription agreement for £1,080,500 before costs, with RiverFort Global Opportunities, through a subscription for 393,000,000 shares at 0.275 pence per ordinary share; a premium of 10% to the closing bid price on 19 September 2019.
John Buggenhagen, CEO of Ascent, commented:
'We are pleased to be working with RiverFort Capital to complete this placing including their ongoing investment in Ascent's new strategy. It offers us the capital to take the Company forward and begin to execute our plan to grow the companies reserve and production base in Slovenia while we find new opportunities in the region and diversity our assets. This is the next step in reinventing Ascent and is necessary to move forward towards new producing wells while continuing to focus on capturing the significant value that the Company and its partners have already created at Petisovci.'
Source: Ascent Resources