Upland Resources Limited Convertible Loan Notes Facility Allowed To Lapse (9072L)
January 02 2019 - 2:00AM
UK Regulatory
TIDMUPL
RNS Number : 9072L
Upland Resources Limited
02 January 2019
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART
IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN
This announcement is not an offer for sale, or a solicitation of
an offer to acquire, securities in any jurisdiction, including in
or into the United States, Canada, Australia, or Japan. Neither
this announcement nor any part of it shall form the basis of or be
relied on in connection with or act as an inducement to enter into
any contract or commitment whatsoever.
2 January 2019
UPLAND RESOURCES LIMITED
("Upland" or the "Company")
CONVERTIBLE LOAN NOTES FACILITY ALLOWED TO LAPSE
Upland Resources Limited (LSE: UPL announces that the
GBP3,500,000 Convertible Loan Notes Facility (the "Facility", as
referred to in the Company's announcements of 8 March 2018 and 20
March 2018) lapsed on 31 December 2018 (in accordance with its
terms) and without the Company calling on the Facility Providers of
such Facility to subscribe for any of the GBP3,500,000 Convertible
Loan Notes.
The successful GBP3,000,000 (gross) fundraising conducted in
June 2018 when added to Upland's existing cash resources leads the
Board of Directors of the Company to consider that the Company is
now unlikely to need to have this facility available to it. The
lapse of the Facility now, without Upland having made any call on
it, means the Company will incur no further costs associated with
the Facility.
As a result of the lapse of the Facility, no Convertible Loan
Notes will be issued pursuant to the Facility and therefore no new
shares of nil par value in the Company are capable of being issued
on conversion of any such Convertible Loan Notes. The 'relevant
period' (for the purposes of section 87(G)(3)(b) of the Financial
Services and Markets Act 2000) in relation to the prospectus of the
Company published on 18 June 2018 (the "Prospectus") has therefore
come to an end and the Company is no longer under any obligation to
publish any further supplementary prospectus in respect of the
Prospectus even if a significant new factor or a material mistake
or inaccuracy relating to the information included in the
Prospectus (or any supplementary prospectus published in relation
to it) arises or is noted after 31 December 2018.
This announcement contains inside information for the purposes
of Article 7 of the Regulation (EU) No 596/2014 on market abuse
Contact details:
Upland Resources Limited www.uplandres.com
Steve Staley, CEO Tel: +44 (0) 7891 677 441
s.staley@uplandres.com
Optiva Securities Limited
Jeremy King (Corporate Tel: +44 (0) 20 3137 1904
Finance) jeremy.king@optivasecurities.com
Christian Dennis (Corporate Tel: +44 (0) 20 3411 1882
Broker) christian.dennis@optivasecurities.com
FTI Consulting
Ben Brewerton/Molly Stewart Tel: +44 (0)203 727 1708
molly.stewart@fticonsulting.com
Flowcomms Ltd
Sasha Sethi Tel: +44 (0) 7891 677441
sasha@flowcomms.com
Notes
Upland Resources Limited is an upstream oil & gas company
whose highly experienced management team has a track record of
creating major value for shareholders in junior oil & gas
companies, including Cove Energy plc. The Company has extensive
technical and commercial skills and contacts, management having
held senior roles in Petronas, Conoco, Shell etc.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
MSCUGUQCGUPBUQP
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