Prospex Oil and Gas PLC Conditional Placing and Notice of GM (9174V)
February 02 2017 - 11:15AM
UK Regulatory
TIDMPXOG
RNS Number : 9174V
Prospex Oil and Gas PLC
02 February 2017
Prospex Oil and Gas Plc / Index: AIM / Epic: PXOG / Sector: Oil
and Gas
2 February 2017
Prospex Oil and Gas Plc
('Prospex' or the 'Company')
Conditional Placing to Raise GBP850,000 and Notice of GM
Prospex Oil and Gas Plc, the AIM quoted investment company, is
pleased to announce that, subject to shareholder approval,
including in respect of a share capital reorganisation, it has
conditionally raised GBP850,000 gross via an oversubscribed placing
of 170 million new ordinary shares of GBP0.001 each (as reorganised
by the share capital reorganisation) ("New Ordinary Shares") at a
price of 0.5 pence per New Ordinary Share (the 'Placing Price')
(the 'Conditional Placing').
The net proceeds of the Conditional Placing will go towards the
Company's ongoing evaluation of a number of potential projects, in
line with its strategy to build a portfolio of investments in the
European oil and gas sector, and be used for general working
capital purposes.
As the Placing Price is below the Company's current nominal
value of GBP0.01 per ordinary share ('Existing Ordinary Shares'),
the Company is required, in order to complete the Conditional
Placing, to reorganise its share capital so that it can raise
equity capital above the reorganised nominal value. This will
require shareholder consent at a General Meeting ('GM'), which it
is proposed will be held at 9.30a.m. on 20 February 2017 at the
offices of Charles Russell Speechlys LLP, 5 Fleet Place, London,
EC4M 7RD. A circular together with notice convening the GM will be
sent to shareholders shortly and will be available to download from
the Company's website at www.prospexoilandgas.com.
Prospex Non-executive Chairman, Bill Smith, said
"We view the oversubscribed Conditional Placing with new and
existing shareholders as a vote of confidence in management's
ability to identify, secure and rapidly advance attractive
investment opportunities in the oil and gas sector. As our
overheads are low, the majority of the funds raised will go towards
delivering on our objective of building Prospex into a leading oil
and gas investment company with a portfolio of interests in high
impact projects.
"With this in mind, we are evaluating a number of potential
investments that match our criteria: undervalued projects where low
cost re-evaluation/re-working of existing exploration and data
offers scope for tangible value trigger points and significant
uplift for shareholders within 12 months of acquisition."
Admission to Trading on AIM
Application will be made for the 170,000,000 New Ordinary Shares
being issued as part of the Conditional Placing, along with the
reorganised Existing Ordinary Shares, to be admitted to AIM and
admission is expected to occur on 21 February 2017 ('Admission'),
subject to the necessary resolutions being passed at the GM.
Following Admission, the Company would have in issue a total of
455,785,836 New Ordinary Shares. The Company has no shares in
treasury, therefore the figure of 455,785,836, assuming completion
of the Conditional Placing, should be used by shareholders as the
denominator for the calculations by which they will determine if
they are required to notify their interest in, or a change of their
interest in, the share capital of the Company under the FCA's
Disclosure and Transparency Rules.
This announcement contains information which prior to its
disclosure was inside information for the purposes of the Market
Abuse Regulation.
* * ENDS * *
For further information visit www.prospexoilandgas.com or
contact the following:
Edward Dawson Prospex Oil and Gas Tel: +44 (0) 20
Plc 3586 1009
Rory Murphy Strand Hanson Limited Tel: +44 (0) 20
Ritchie Balmer 7409 3494
Jack Botros
Jon Belliss Beaufort Securities Tel: +44 (0) 20
Limited 7382 8300
Duncan Vasey Peterhouse Corporate Tel: +44 (0) 20
Finance 7220 9797
Frank Buhagiar St Brides Partners Tel: +44 (0) 20
Charlotte Page Ltd 7236 1177
Notes
Prospex Oil and Gas Plc is an AIM quoted investment company
focussed on high impact onshore and shallow offshore European
opportunities with short timelines to production. The Company's
management is looking to acquire undervalued projects with
multiple, tangible value trigger points that can be realised within
12 months of acquisition and then applying low cost re-evaluation
techniques to identify and de-risk prospects.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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