News

Issue of shares

22 June 2017

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 at the end of this news release.

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.

Enquiries:

San Leon Energy plc
Oisin Fanning, Chief Executive
+ 353 1291 6292

SP Angel Corporate Finance LLP (Nominated adviser to the Company)
Richard Morrison
Richard Hail
Soltan Tagiev
+44 20 3470 0470

Whitman Howard Limited (Financial adviser to the Company)
Nick Lovering
Francis North
+44 20 7659 1234

Brandon Hill Capital Limited (Joint broker to the Company)
Oliver Stansfield
Jonathan Evans
+44 203 463 5000

Vigo Communications (Financial Public Relations)
Chris McMahon
Alexandra Roper
+44 207 830 9700

Plunkett Public Relations
Sharon Plunkett
+353 1 280 7873

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:

Description

Amount

Amount

Total Principal

$3,680,720


Interest as of May 5, 2017

$   384,695


Extension Fee per December 2016 Amending Agreement

$   750,000







$4,815,415




Repayment Fee

$250,000


Restructuring Fee

$300,000

 

$550,000




Total


$5,365,415




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

$2,550,000

 


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

$2,815,415





Total


$5,365,415

 













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