Coro Energy PLC - Proposed Eurobond Issue
Not for release, publication or distribution to
This press release does not constitute an offer to sell, or a solicitation of an offer to buy, securities in
("Coro" or the "Company")
Institutionally Subscribed and Underwritten Eurobond
Coro is pleased to announce that it has agreed subscription and underwriting commitments with key institutional investors
Institutionally Subscribed and Underwritten Eurobond Issue
The Company will issue a minimum of
The Eurobonds will be issued at 85% of par value, such that the Company will receive
The bond issue is subject to final documentation being on the agreed terms and various conditions precedent (including no material adverse change) and is expected to complete in late March or early
The Eurobonds will also have warrant coverage equal to 5% of the notional Eurobond issue, or approximately 42 million warrants based on yesterday's closing price, with each warrant entitling the holder to subscribe for ten new shares of the Company at an exercise price of
Related Party Transaction
The entry by the Company into the subscription commitment in relation to the Eurobond issue with
The issue of the warrants is subject to the consent of Coro shareholders. A notice convening a general meeting will be circulated in due course and a further announcement made at that time.
The Company looks forward to updating the market during March/
The information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
For further information please contact:
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Tel: 44 (0)20 3167 7221
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Tel: 44 (0)20 3621 4120
This announcement includes statements that are, or may be deemed to be, "forward-looking statements". These forward-looking statements can be identified by the use of forward-looking terminology, including the terms "believes", "envisages", "estimates", "anticipates", "projects", "expects", "intends", "may", "will", "could", "seeks" or "should" or, in each case, their negative or other variations or comparable terminology, or by discussions of strategy plans, objectives, goals, future events or intentions. These forward-looking statements include statements regarding the Company's and the Directors' current intentions, beliefs or expectations concerning, amongst other things, investment strategy, financing strategy, performance, results of operations, financial condition, liquidity, prospects, growth, strategies and the industry in which the Company will operate.
By their nature, forward-looking statements involve risks (including unknown risks) and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Forward-looking statements are not an assurance of future performance. The Company's actual performance, results of operations, financial condition, liquidity and dividend policy and the development of the business sector in which the Company will operate, may differ materially from those suggested by the forward-looking statements contained in this announcement. In addition, even if the Company's performance, results of operations, financial condition, liquidity and dividend policy and the development of the industry in which the Company will operate, are consistent with the forward-looking statements contained in this document, those results or developments may not be indicative of results or developments in subsequent periods.
Any forward-looking statements in this announcement reflect the Company's and the Directors' current view with respect to future events and are subject to risks relating to future events and other risks, uncertainties and assumptions relating to the matters referred to above. Other than in accordance with the Company's obligations under the AIM Rules for Companies, the Company does not undertake to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
This information is provided by RNS, the news service of the
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