Star Phoenix Group Ltd

("Star Phoenix" or "the Company")

25 March 2020

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 REGULATORY INFORMATION SERVICE ("RIS"), THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN. 

ISSUE OF EQUITY

Star Phoenix (AIM: STA), an international company with oil and gas projects and oilfield service businesses in Trinidad and Indonesia, is pleased to advise that it has completed a placing announced on 20 January 2020. The investor has provided the Company with total proceeds of approximately £565,000 comprising subscription proceeds plus late fee payment.

Pursuant to the subscription, the Company issued 23,561,326 new ordinary shares ("Subscription Shares") at a price of 2.21 pence per new ordinary share. The Subscription Shares represent 20% of the issued ordinary share capital of the Company prior to the Subscription. The proceeds of the subscription will be used for general working capital purposes.

Application has been made to the London Stock Exchange for the Subscription Shares to be admitted to trading on AIM which is expected to become effective, and dealings are expected to commence on or around 31 March 2020 ("Admission"). The Subscription Shares will rank pari passu with existing ordinary shares in the capital of the Company ("Ordinary Shares").

Following Admission, and in accordance with the Financial Conduct Authority's ("FCA") Disclosure and Transparency Rules, the Company hereby announces that it will have 141,367,955 Ordinary Shares in issue, each share carrying the right to one vote. The Company does not hold any Ordinary Shares in treasury.

Following Admission, the above figure of 141,367,955 Ordinary Shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.