New Premium Funding & TVR

Ascent Resources Plc (LON: AST) is pleased to announce it has raised gross proceeds of US$1million (£763,170) via the issue of new ordinary shares of 0.5p each in the capital of the Company ("Subscription Shares") at an issue price of 2.3 pence per Subscription Share, representing a c.43% premium to the closing bid price on 17 September 2024, being the last practical date to this announcement, via a direct subscription (the " Subscription").

New Funding

The Company has today agreed to issue 33,181,304 Subscription Shares to CB Energy VI, LLC, an investment vehicle formed for the purpose of making strategic oil & gas and infrastructure investments, to raise total new proceeds of US$1million at a price of 2.3 pence per new share, which is equivalent to the last placing price the Company issued new equity for on 23 April 2024, and representing a c.43% premium to the closing bid price of 1.6 pence on 17 September 2024, being the last practical date to this announcement. The net proceeds of the Subscription will be used by the Company for continued business development activities and general corporate and administrative expenses. Following completion of the Subscription and Admission of the Subscription Shares, CB Energy VI, LLC will have an interest in approximately 12.2% of the Company's issued share capital.

The Investor was introduced to the Company by MBD Partners SA ("MBD"), a substantial shareholder in the Company, who will receive an introducer's fee of US$25,000 pursuant to the terms of the Strategic Collaboration Agreement signed between the Company and MBD, which was announced on 3 October 2023. This introducer fee constitutes a related party transaction under the AIM Rules as MBD current holds approximately 20% of the issued share capital of the Company and is therefore a "substantial shareholder" under the AIM Rules. All the directors of the Company being Andrew Dennan, David Bullion, Jean-Michel Doublet and Edouard Etienvre, consider having consulted with its nominated advisor, that the terms of transaction are fair and reasonable insofar as the Shareholders are concerned

Admission & Total Voting Rights

Application has been made to the London Stock Exchange for the Subscription Shares to be admitted to trading on AIM ("Admission") and it is expected that such Admission will occur at 8:00 a.m. on 30 September 2024. The Subscription Shares will be issued credited as fully paid and will rank in full for all dividends and other distributions declared, made or paid after the admission of the Subscription Shares, respectively and will otherwise be identical to and rank on Admission pari passu in all respects with the existing Ordinary Shares.

Following Admission of the Subscription Shares, expected to occur at 8:00 a.m. on 30 September 2024, the Company will have 271,304,265 Ordinary Shares in issue, none of which will be held in treasury. Accordingly, the total number of voting rights in the Company will be 271,304,265 and shareholders may use this figure 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.