Ascent Resources settles first £50k of new investment

Ascent Resources has now settled the first £50,000 from its ‘relevant investor’, as announced on 8 April, and as a result has issued one million ordinary shares at a price of 5p each, it said on Wednesday.

The AIM-traded company said the investor had confirmed that the balance of £150,000 would be settled in May.

It also announced that a further 91,167 ordinary shares were being issued as a result of the acquisition of Trameta - a company which owned access to a key section of pipeline in Slovenia - as announced on 1 August 2016.

The firm’s previous board agreed that future contingent payment was required if certain production targets were met in Slovenia.

Ascent said that was the final payment, and no further contingent consideration shares were now due.

“Application for admission to trading on AIM for the newly-issued had been made, and admission was expected to take place on or around 5 May,” the board said in its statement.

At 1618 BST, shares in Ascent Resources were up 20% at 3p.