Andalas Energy and Power Plc
('Andalas', or the 'Company')
Issue of warrants
Further to the Company's announcement of 27 November regarding the equity investment of £500,000 and provision of a convertible loan note facility of up to £2 million by 1798 Volantis Fund Ltd ("Volantis"), 638,569,604 warrants over ordinary shares have been issued to Volantis.
The warrants have been issued with a 5 year term with a strike price of 0.05 pence per share; the basis of calculation being a 25% premium to the closing bid price (previously announced exercise price was 0.054375 being a 25% premium to the closing price).
The Company also confirms that it has received the £500,000 subscription proceeds and notes today's notification of major holdings announcement by Lombard Odier Asset Management (Europe) Limited that they are the beneficial owner of the entire subscription amount.
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ('MAR'). Upon the publication of this announcement via a Regulatory Information Service ('RIS'), this inside information is now considered to be in the public domain.
For further information, please contact:
| David Whitby | Andalas Energy and Power Plc | Tel: +62 21 2783 2316 |
| Sarah Wharry | Cantor Fitzgerald Europe (Nominated Adviser and Joint Broker) | Tel: +44 20 7894 7000 |
