Further Investment In Sterling Energy plc
August 17 2009 - 2:00AM
UK Regulatory
TIDMWTE TIDMSEY
RNS Number : 5066X
Westmount Energy Limited
17 August 2009
Westmount Energy Limited
("Westmount" or the "Company")
Further Investment in Sterling Energy Plc
The Board of Westmount announces today that it has subscribed for
42,446,786 million new ordinary shares in Sterling Energy Plc ("Sterling") in
the proposed placing of Sterling shares at the placing price of 1.3p per share,
as announced on 14th of August.
Mervyn Bradlow, Chairman of Westmount,
commenting on the placing, said
"The increased investment by Westmount,
amounting to some GBP550,000, represents an opportunity to substantially
increase our holding in Sterling at what we believe to be a very attractive
price and provides an excellent use for our cash resources.
We believe
that the substantial amount of cash being raised by Sterling and the
introduction of a new major shareholder whose management have a proven track
record in the oil industry will be of great benefit to Sterling. We would also
like to acknowledge our thanks to Graeme Thomson who has worked tirelessly over
these past eighteen months to preserve Sterling and ensure that it has a viable
and profitable future."
Westmount Energy Limited 01534 814209
Paul Anderson
Mervyn Bradlow, Chairman020 7009 4900
Cenkos Securities plc 020 7397 8900
Nick Wells
Elizabeth Bowman
This information is provided by RNS
The company news service from the London Stock Exchange
END
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