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Ascent Resources Raises GBP400,000 from Private Placement of New Shares

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Ascent Resources (AST.L) said Monday it raised 400,000 pounds sterling from its private placement of 80,000,000 new shares priced at 0.005 pounds apiece.

The oil and gas company will also convert $150,000 of debt owed to RiverFort Global Opportunities PCC into equity by issuing 22,727,270 new ordinary shares at 0.005 pounds each, along with 11,363,635 Preference 2 shares. After the conversion, the balance on the RiverFort convertible loan note will be at over $1 million.

Net proceeds will be used for Ascent Resources' working capital. Admission of the placing shares and conversion shares on the AIM segment of the London bourse is expected on Friday.

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