Lansdowne Oil & Gas - Equity Placing and Conversion of Shareholder Loans
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
("Lansdowne" or the "Company")
Equity Placing and
Conversion of Shareholder Loans
The proceeds of the Placing will be used to meet the Company's expected share of Barryroe costs and to fund the Company's ongoing working capital requirements until the end of 2020.
The Placing and Notable Subscriptions
The Company has raised gross proceeds of
The Placing Shares will rank pari passu with the existing ordinary shares in all respects. Application has been made for the Placing Shares to be admitted to trading on AIM and dealings are expected to commence on
As previously announced on
BHC and LCCTOF have agreed to convert the amount currently outstanding under the Shareholder Loans into new ordinary shares at the Placing Price. This will result in the issue of 25,934,246 new ordinary shares to each of BHC and LCCTOF. Of these, 49,736,666 new ordinary shares (the "Initial Loan Shares") will be issued under the Company's existing authorities and 2,131,826 new ordinary shares (the "Further Loan Shares") will be subject to shareholder approval.
The Initial Loan Shares will rank pari passu with the existing ordinary shares in all respects. Application has been made for the Initial Loan Shares to be admitted to trading on AIM and dealings are expected to commence on Admission.
Conditional upon the passing of the necessary shareholder resolutions to approve the allotment and issue of the Further Loan Shares, such ordinary shares will rank pari passu with the then existing ordinary shares in all respects and application will be made for admission to trading of such ordinary shares on AIM. A further announcement will be made in due course.
In connection with the Placing and the conversion of the Shareholder Loans, the Company will also grant a total of 137,368,491 warrants, on a one warrant per Placing or Loan Share basis, to subscribe for new ordinary shares in the Company at a price of
Use of Proceeds
The proceeds of the Placing are expected to be sufficient to fund the Company's share of costs on the Barryroe Licence and for on-going working capital requirements to the end of 2020.
Related Party Transactions
Similarly, given their role as Directors of BHC, the participation of
The Directors independent of the Placing, Loan Conversions and grant of warrants, who for this purpose are
The Company will call a general meeting (the "General Meeting") to be held on or around
Total Voting Rights
Following admission of the Placing Shares and the Initial Loan Shares, the Company will have in issue 796,419,845 ordinary shares of
The above total current voting rights number is the figure which may be used by shareholders as the denominator for the calculation 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
Following admission of the Placing Shares and the Initial Loan Shares:
Further to the intended Director Subscription and subject to shareholder approval at the General Meeting, following admission of the Further Loan Shares:
· BHC will be interested in 169,696,557 ordinary shares representing 21.20% of the Company's issued share capital; and
"The Placing and Loan Conversions provide funding for the Company to the end of 2020. During this period the Company will continue with its ongoing farm-out campaign on Barryroe, with a number of parties currently active in the data room, and it is the Board's target to complete a farm-out deal within the next six months.
"The Company can also report that in addition to the traditional farm-out discussions, interest is also being shown in the potential to combine a Barryroe development with carbon sequestration, utilising existing infrastructure, which is an exciting concept.
"I would like to thank all our existing shareholders for their support and patience they have shown. The Board remains steadfast in its belief of the significant potential of Barryroe and is focused on unlocking the inherent value within Lansdowne. With existing 2C resources of 69MMboe (and additional exploration potential), the Company is trading at a valuation of less than
For further information please contact:
| || |
+353 1 963 1760
| || |
| || |
| || |
+44 (0) 20 3470 0470
Nominated Adviser and Joint Broker
| || |
| || |
| || |
| || |
+44 (0) 20 3463 5061
| || |
Notes to editors:
For more information on Lansdowne, please refer to www.lansdowneoilandgas.com.
This information is provided by RNS, the news service of the
Quick facts: Lansdowne Oil & Gas
Market Cap: £17.57 m
NO INVESTMENT ADVICE
The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...FOR OUR FULL DISCLAIMER CLICK HERE