Ascent Resources plc will issue 21,895,113 new ordinary shares to repay part of a loan and to settle payment to trade creditors.
TVRs
The company has agreed to issue shares in lieu of part repayment in an amendment to its existing secured loan facility with Riverfort Global Opportunities PCC Ltd.
The deed of amendment and restatement covers the US$250,000 repayment due on 21 April 2026.
The company will issue to Riverfort 14,925,373 new ordinary shares of 0.5 pence each at a price of 0.5 pence per share for US$100,000 of the total sum.
Ascent said that the balance of $150,000 had been extended to 6 June 2026, plus a $6,000 extension fee payable in cash.
Legal and professional costs of £7,500 are added to the outstanding balance.
Riverfort will also receive 7,462,686 additional preference 2 (or SPV 2) shares under Ascent’s existing contractual obligations.
Created with shareholders’ approval in February 2025, the preference 2 shares, also known as A2 preference shares, give the holders a “ring-fenced economic interest” in 41% of the net proceeds from the company’s Energy Charter Treaty claim against Slovenia.
Ascent expects to receive the award during June 2026.
The company will also issue 6,969,740 new ordinary shares, at the same price, to settle approximately £35,000 of outstanding trade creditors.
Following admission of the aggregate 21,895,113 new ordinary shares, Ascent’s total issued share capital will comprise 832,210,587 ordinary shares, with voting rights and none held in treasury.
Chief executive officer Dave Patterson added: “This agreement with Riverfort provides the company with additional short-term flexibility while further reducing the immediate cash repayment burden.
“Combined with the settlement of a portion of our trade creditors in shares, the transaction strengthens the balance sheet and demonstrates continued support from our key finance partners.”