Highlands Natural Resources PLC Result of Subscription (3910K)
July 07 2017 - 2:00AM
UK Regulatory
TIDMHNR
RNS Number : 3910K
Highlands Natural Resources PLC
07 July 2017
THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED TO
CONSTITUTE INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE
MARKET ABUSE REGULATION (EU) NO. 596/2014. UPON THE PUBLICATION OF
THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE
IN THE PUBLIC DOMAIN.
NOT FOR PUBLICATION, RELEASE OR DISTRIBUTION, DIRECTLY OR
INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES,
AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA, THE
REPUBLIC OF IRELAND OR ANY OTHER JURISDICTION IN WHICH SUCH
PUBLICATION, RELEASE OR DISTRIBUTION WOULD BE PROHIBITED BY ANY
APPLICABLE LAW.
Highlands Natural Resources plc
7 July 2017
("Highlands" or the "Company")
Result of Subscription
Highlands, the London-listed natural resources company, is
pleased to announce that following the announcement on 6 July 2017
(the "Fundraising Announcement") regarding a conditional offer via
PrimaryBid (the "Subscription"), it has received a strong response
from investors pursuant to the Subscription and has raised
aggregate gross proceeds of GBP2.0 million at 12 pence per New
Ordinary Share (the "Issue Price").
Together with the Placing to raise GBP0.59 million and the
GBP0.61 million commitment secured from Raisa II, LLC, details of
both of which are also set out in the Fundraising Announcement,
Highlands has so far raised a total of GBP2.74 million net of
expenses, which is sufficient to drill the first well at its East
Denver Project.
In addition, as announced yesterday, the Company is making an
Open Offer to enable qualifying shareholders to have the
opportunity to participate in the capital raising process at the
Issue Price. It is proposed that the Open Offer will raise up to
GBP0.81 million, in addition to the funds raised pursuant to the
Subscription and Placing.
The Subscription is conditional, inter alia, on the passing of
resolutions authorising the issue of New Ordinary Shares at the
Company's General Meeting, which is expected to be convened at
11.00 am on 31 July 2017.
Unless otherwise defined, capitalised terms shall have the
meaning as those set out in the Prospectus. Further terms of the
Fundraising are set out in the Prospectus.
Robert Price, Chairman and CEO of Highlands, commented:
"We are delighted with the level of support received from
investors who subscribed via PrimaryBid. The fundraising allows us
to commence drilling at East Denver, where success will be
transformational for Highlands, marking our first oil and gas
production. I look forward to updating our shareholders in the
coming months."
Dave Mutton, Chief Operating Officer of PrimaryBid, said:
"It's exciting for PrimaryBid to assist another main market
listed company to fundraise via our network of retail investors,
demonstrating that fair access to new share issues is not just
relevant for investors in AIM but for the main market too."
**ENDS**
Enquiries:
Highlands Natural +1 (0) 303 322
Robert Price Resources plc 1066
+44 (0) 207 464
Brinsley Holman Keith Bayley Rogers 4090
+44 (0) 207 491
Dave Mutton PrimaryBid Limited 6519
St Brides Partners +44 (0) 20 7236
Lottie Brocklehurst Ltd 1177
St Brides Partners +44 (0) 20 7236
Hugo de Salis Ltd 1177
This information is provided by RNS
The company news service from the London Stock Exchange
END
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