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i3 Energy PLC - Completion of Gain Acquisition and Harvard Sale

RNS Number : 0111Y
i3 Energy PLC
04 September 2020
 

i3 Energy plc

("i3" or the "Company")

Completion of Gain Acquisition and Harvard Sale

i3 Energy plc is pleased to announce that, following the completion of the re-admission as set out in the announcement of 11th August 2020, the Company has now completed the acquisition of all the petroleum and infrastructure assets of Gain Energy Ltd for CAD$80 million (c.US$58.8 million). The Company has also completed the sale of such petroleum and infrastructure assets held by Gain Energy Ltd which are located in Saskatchewan, to Harvard Resources Inc for CAD$45 million (cUS$33 million).

Capitalised terms used in this announcement have the meanings given to them in the announcement made and admission document published on 11th August 2020 unless the context provides otherwise.

ENDS

CONTACT DETAILS:

i3 Energy plc

Majid Shafiq (CEO) / Graham Heath (CFO)

c/o Camarco

Tel: +44 (0) 203 781 8331



WH Ireland Limited (Nomad and Joint Broker)

James Joyce, James Sinclair-Ford

Tel: +44 (0) 207 220 1666

Canaccord Genuity Limited (Joint Broker)

Henry Fitzgerald- O'Connor, James Asensio

Tel: +44 (0) 207 523 8000

 

Mirabaud Securities Limited (Joint Broker)

Peter Krens

Tel: +44 (0) 203 167 7221

 

Camarco

Georgia Edmonds, James Crothers

Tel: +44 (0) 203 781 8331

 

The information contained within this announcement is deemed by the Company to constitute inside information under the Market Abuse Regulation (EU) No. 596/2014.

 

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Quick facts: i3 Energy PLC

Price: 4.35

Market: AIM
Market Cap: £30.26 m
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i3 Energy PLC's (LON:I3E) Majid Shafiq and Graham Heath speak to Proactive's Andrew Scott soon after confirming they've raised at least £29mln, with a further £1mln subject to regulatory approval. The company last week struck a deal to concurrently sell a package of the Gain assets to a third...

on 11/8/20