Polemos PLC Amendment to proposed Oyster Oil & Gas investment (6610I)
June 21 2017 - 2:00AM
UK Regulatory
TIDMPLMO
RNS Number : 6610I
Polemos PLC
21 June 2017
21 June 2017
Polemos plc
("Polemos" or "the Company")
Amendment to proposed investment into Oyster Oil and Gas
Limited
The Directors of Polemos announce that, further to the
announcement of 1 June 2017, the Company has amended the terms of
its investment into TSX-V listed Oyster Oil and Gas Limited
("Oyster") (the "Investment"). Whilst the amount investment remains
materially as announced on 1 June 2017, the Investment is now being
structured as a Convertible Loan Note on the following terms:
-- Oyster has issued Polemos a convertible loan debentures for a principal amount of CAD867,500 (approximately GBP500,000) (the "Loan");
-- The Loan will accrue interest at 10% per annum;
-- The Loan is convertible at the lesser of CAD0.50 per Oyster
common share (an "Oyster Share") or a 20% discount to the first
offering price of Oyster's Shares on AIM, subject to compliance
with the rules of the TSX-V;
-- The Loan is repayable either one year from issue or five
day's following the admission of Oyster's Shares to AIM; and
-- 433,750 warrants, whereby each warrant entitles Polemos to
subscribe for a new common share for a period of one year from
issue at a price of CAD0.55 per Oyster Share.
Based on an enlarged issued share capital of Oyster of
approximately 44.8 million shares, the Investment, if exercised
immediately, would result in Polemos acquiring a 3.9% equity
interest in Oyster.
The Investment is nearing completion but remains subject to
certain closing conditions, including, but not limited to, the
receipt of applicable regulatory approvals in Canada and the
completion of required regulatory filings with the TSXV.
Oyster has also announced that it intends to list its Common
Shares on the AIM Market of the London Stock Exchange and is in the
process of engaging advisers in this regard.
About Oyster
Oyster is listed on the TSV Venture Exchange (TSX-V: OY) and is
an international energy group focused on oil and gas exploration
and production activities in underexplored hydrocarbon basins.
Oyster currently operates 4 blocks in the Republic of Djibouti
(100% interest); 3 blocks are located onshore and 1 block offshore,
and it also operates a 100% working interest in a large onshore
block in the Republic of Madagascar.
Further information is available on Oyster's website:
http://www.oysteroil.com
- Ends -
For further information, please contact:
Polemos plc +44 (0)20 7440
Hamish Harris 0640
Beaumont Cornish Limited (Nomad +44 (0)20 7628
and Broker) 3396
James Biddle www.beaumontcornish.com
Roland Cornish
Peterhouse Corporate Finance
(Joint Broker) +44 (0)20 7469
Lucy Williams 0930
This information is provided by RNS
The company news service from the London Stock Exchange
END
UPDFMMLTMBBTBJR
(END) Dow Jones Newswires
June 21, 2017 02:00 ET (06:00 GMT)
Digitalbox (LSE:DBOX)
Historical Stock Chart
From Apr 2024 to May 2024
Digitalbox (LSE:DBOX)
Historical Stock Chart
From May 2023 to May 2024