Lucid files for 1-for-10 reverse stock split requiring shareholder approval
LONDON - Zephyr Energy plc (AIM:ZPHR) (OTCQB:ZPHRF) announced Monday that several directors and management have subscribed for 23.3 million new ordinary shares at 3 pence per share, raising £0.7 million before expenses.
The director subscription follows the company’s previously announced placing on June 25 and is conditional on shareholder approval at the General Meeting scheduled for July 14.
Combined with the earlier placing of 326.7 million shares, Zephyr has raised a total of £10.5 million before expenses to fund its operations.
Chief Executive Officer Colin Harrington, through his controlled entity Origin Creek Energy LLC, subscribed for 18.3 million shares, while personally subscribing for an additional 1.2 million shares. Following admission, Harrington’s total interest in the company will represent approximately 8.57% of Zephyr’s issued share capital.
Other participating directors include Non-Executive Chairman Rick Grant (617,284 shares), Group Finance Director Chris Eadie (1 million shares), and Non-Executive Directors Gordon Stein and Tom Reynolds (33,333 shares each).
The director subscription is expected to complete alongside the second placing on or around July 15, subject to shareholder approval of the resolutions at the upcoming General Meeting.
Application has been made to the London Stock Exchange (LON:LSEG) for admission of both the 151.6 million second placing shares and the 23.3 million director shares to trading on AIM. Following admission, Zephyr will have approximately 2.1 billion ordinary shares in issue.
Zephyr Energy focuses on responsible resource development in the Rocky Mountain region of the United States, with its flagship asset being a 46,000-acre leaseholding in the Paradox Basin, Utah.
The information was disclosed in a regulatory news service announcement from the company.
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