i3 Energy PLC Announces Interim Report and Dividend Declaration - Seite 3

Also on 7 July 2021, i3 announced the conditional Placing and Subscription of 363,700,000 Placing Shares at the Issue Price of 11 pence per Placing Share, a 3% discount to the 15-day average closing price of 11.4 pence. This includes shares placed through a PrimaryBid offering. The total fundraising was for approximately £40 million. The Placing and Subscription was approved by the Shareholders on 26 July 2021 and admitted to trading on AIM on 27 July 2021. Following the Placing and Subscription, the Company's issued share capital stood at 1,091,424,766 ordinary shares with a nominal value of £0.0001 each.

Further details of the Acquisition and the equity fundraise are available at https://i3.energy/investor-relations/regulatory-news.

On 8 July 2021, i3 announced the declaration of its Maiden Special Dividend of 0.16 pence/share with an Ex-Dividend date of 15 July 2021, Record Date of 16 July 2021, and Payment Date of 6 August 2021.

On 30 July 2021, the Company issued options over a total of 53,705,491 ordinary shares to i3 staff and board and has additionally issued 1,750,000 options to incoming staff and conditionally allocated 3,750,000 for additional hires as part of the Acquisition. The options were issued in accordance with the rules of the Company's Employee Share Option Plan at an exercise price of £0.11 per share. Of the options issued to employees of i3 Canada, one-third of the options vested immediately, with a further one-third vesting if production of 20,000 boepd is achieved prior to July 2022 (substantially funded from internally generated cash flow), and 100 per cent will vest upon the addition of 9,250 boepd or 50 MMboe 2P reserves. Of the options issued to employees of i3 North Sea Limited, one-third of the options vested immediately, with a further one-third vesting at spud of the earlier of a second appraisal well or first development well at either Serenity or Liberator, and 100 per cent will vest upon the addition of 2,500 boepd of European production. Of the options issued to the executive and non-executive directors and one corporate employee, one-third of the options vested immediately, with a further one-third vesting (i) at spud of the earlier of a second appraisal well or first development well at either Serenity or Liberator; or (ii) if production of 20,000 boepd is achieved prior to July 2022 (substantially funded from internally generated cash flow), whichever is first to occur, and 100 percent upon (i) the addition of 2,500 boepd of European production; or (ii) the addition of 9,250 boepd or 50 MMboe 2P reserves, whichever is first to occur. The options will otherwise fully vest on the third anniversary.