San Leon announces that it has issued equity shares to YA II PN Ltd (formerly known as YA Global Master SPV Ltd), an investment fund managed by Yorkville Advisors Global LP ("Yorkville"), pursuant to a SEDA-Backed Loan Agreement, as amended ("SEDA"), which SEDA was entered into and initially announced on 18 April 2013.  San Leon and Yorkville have agreed to vary the SEDA as follows (the "Settlement").

Under the Settlement, San Leon will issue 6,254,905 ordinary shares in the Company to Yorkville at a price per share of 32 pence (the "Settlement Shares"), which shares will rank pari passu in all respects with the issued ordinary shares of the Company. 

Application for the Settlement Shares will be made to the London Stock Exchange and trading in these shares is expected to commence on or around 28 June 2017.  Following the issue of the Settlement Shares, the Company's issued share capital will comprise 456,280,625 shares and the Company's ongoing liability to Yorkville, as at 21 June 2017 will be $2,815,415.  This remaining balance is to be repaid to Yorkville on or before 31 October 2017.

Further detail on the Settlement and the Company's historic relationship with Yorkville, are shown below. 

The Company intends to release its financial results for the year to 31 December 2016 on 30 June 2017.

Market Abuse Regulation (MAR) Disclosure

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

Directors' Responsibility Statement

The Directors of San Leon accept responsibility for the information contained in this announcement. To the best of their knowledge and belief (having taken all reasonable care to ensure such is the case), the information contained in this announcement is in accordance with the facts and does not omit anything likely to affect the import of such information.


San Leon Energy plc                                         

+ 353 1291 6292

Oisin Fanning, Chief Executive

SP Angel Corporate Finance LLP (Nominated Adviser)

+44 20 3470 0470

Richard Morrison

Richard Hail

Soltan Tagiev

Whitman Howard Limited (Financial adviser and Joint broker)

+44 20 7659 1234

Nick Lovering

Francis North

Brandon Hill Capital Limited (Joint broker to the Company)

+44 203 463 5000

Oliver Stansfield

Jonathan Evans

Vigo Communications (Financial Public Relations)

+44 207 830 9700

Chris McMahon

Alexandra Roper

Plunkett Public Relations

+353 1 280 7873

Sharon Plunkett

Further information about San Leon's relationship with Yorkville  

On April 18, 2013 Yorkville and the Company entered into the SEDA being a loan agreement (as modified and extended from time to time including on 22 October 2015, 29 December 2016, 31 January 2017 and 31 March 2017).  Under the SEDA San Leon is indebted to Yorkville as follows:




Total Principal


Interest as of May 5, 2017

$   384,695

Extension Fee per December 2016 Amending Agreement

$   750,000


Repayment Fee


Restructuring Fee






Amount converted into 6,254,905 ordinary shares in San Leon.  This is a conversion ratio of 2.45 ordinary shares per $



Amount still owed under the SEDA and subject to agreement on conversion rights







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