Infinity Energy S.A. Update re Strategy
19 Abril 2017 - 7:59AM
UK Regulatory
TIDMINFT
Infinity Energy S.A.
("Infinity" or the "Company")
Update re Strategy
The Company has recently raised GBP1.1m in equity from new and existing
shareholders and its outstanding loan note has been converted into ordinary
shares. The Company therefore has approximately GBP1m in available cash
resources, in addition to its GBP150,000 investment in UK Methane Limited, held
through Gas Exploration Finance Limited.
At a board meeting of the Company held last week, it was decided that the
Company should cease its investment activities and instead to focus on
completing a suitable reverse takeover transaction as soon as possible. In
particular, the Company is investigating a number of potential reverse takeover
candidates in the oil and gas sector. As a consequence of this Board
decision, the Company has now become an AIM Rule 15 cash shell, which means
that the Company must make an acquisition or acquisitions which constitute a
reverse takeover under Rule 14 of the AIM Rules by 12 October 2017, otherwise
the trading of the Company's shares on AIM will be suspended. If the Company
has not made an acquisition or acquisitions which constitute a reverse takeover
under Rule 14 of the AIM Rules within six months of such suspension, the
admission of the Company's shares to trading on AIM will be cancelled.
This announcement contains inside information for the purposes of Article 7 of
EU Regulation 596/2014.
For further information, please contact:
Infinity Energy S.A.
Gerwyn Williams Tel: +44 7889 677 397
Nomad
Cairn Financial Advisers LLP
Sandy Jamieson / James Caithie Tel: +44 207 213 0880
Joint-Broker
WH Ireland Limited
Paul Shackleton / Nick Prowting Tel: +44 207 220 1666
Joint-Broker
Peterhouse Corporate Finance Limited
Eran Zucker / Lucy Williams Tel: +44 20 7469 0930
END
(END) Dow Jones Newswires
April 19, 2017 06:59 ET (10:59 GMT)
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