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Ascent Resources

  • BY: Andrew Hore |
  • POSTED: 18/12/2013 |

Oil and gas explorer Ascent Resources has raised £1.5m to finance its Petisovci project.

This has diluted finnCap’s estimated NAV by 0.55p a share to 3.19p a share but this is still much higher than the share price of 1.03p, down 0.17p.

Global Power Sources is investing £1m at 1.2p a share – issued in two tranches in January and February - and Darwin Strategic will provide a short-term loan facility of £500,000. The loan, which lasts six months, has a 5% commitment fee and an annual interest rate of 12%. Ascent believes that it will have secured project finance by the time the loan is repayable.

Ascent has also issued 275m shares to GPS in order to satisfy a warranty claim relating to a former Italian subsidiary. That will take the GPS stake in Ascent to 20.7% and it can nominate a board director.

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