Echo Energy plc, the Latin American focused energy company, announces that following the exercise of existing warrants to subscribe for new ordinary shares ("Ordinary Shares") in the Company at a price of 0.25 pence per new Ordinary Share (the "Warrants"), the Company will make application for 33,190,876 new Ordinary Shares to be admitted to trading on AIM ("Admission").
The Warrant exercise price of 0.25 pence per new Ordinary Share represents a 108% premium to the closing mid-market price per Ordinary Share on 22 December 2022.
The new Ordinary Shares will rank pari passu with the Company's existing Ordinary Shares and it is expected that Admission will occur at 8.00 a.m. on 3 January 2023.
The Warrants have been exercised by Andina Plc, an existing shareholder of the Company. On Admission, Andina Plc will be interested in a total of 135,130,876 Ordinary Shares, representing 2.43 per cent. of the Company's issued ordinary share capital on Admission.
Following Admission, the Company's issued ordinary share capital will comprise 5,560,618,550 Ordinary Shares, none of which are held in treasury. Therefore, the total number of Ordinary Shares with voting rights in Echo following Admission will be 5,560,618,550.
The above figure of may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in or a change to their interest in the Company under the FCA's Disclosure Guidance and Transparency Rules.
