TIDMBOR

RNS Number : 1277J

Borders & Southern Petroleum plc

09 December 2022

THIS ANNOUNCEMENT, AND THE INFORMATION CONTAINED HEREIN, IS RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR, INTO ANY MEMBER STATE OF THE EUROPEAN ECONOMIC AREA, THE UNITED STATES (OR TO ANY U.S. PERSON), CANADA, JAPAN, AUSTRALIA, THE REPUBLIC OF SOUTH AFRICA, OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION.

9 December 2022

Borders & Southern Petroleum plc

("Borders & Southern" or the "Company")

Posting of Circular and Notice of General Meeting

Borders & Southern (AIM: BOR), a London-based independent oil and gas exploration company, is pleased to announce that, further to the Company's announcement on 30 November 2022 regarding a part conditional fundraising of GBP2.5 million, the Company has today posted a Circular to Shareholders regarding the fundraising, which sets out a Notice of General Meeting, and a Form of Proxy for the proposed resolutions. These documents will be available on the Company's website as well.

Of the GBP2.5 million fundraising, GBP1.85 million was raised through a firm placing of 105,714,281 Ordinary Shares at 1.75p per share (the "Issue Price") and these shares were admitted to trading, and dealings in such shares commenced, on 6 December 2022. A further GBP0.3 million has been raised through a conditional placing of 17,142,857 Ordinary Shares at the Issue Price and GBP0.35 million has been raised through a conditional subscription, direct with the Company by Harry Dobson, the Company's Non-Executive Chairman, of 20,000,000 Ordinary Shares at the Issue Price. Both the conditional placing and the conditional subscription are subject to the passing of resolutions at the General Meeting and these resolutions are outlined in the Circular. Shareholders are strongly encouraged to vote in favour of the resolutions.

Capitalised terms used in this announcement have the meanings given to them in the Circular.

For further information please visit www.bordersandsouthern.com or contact:

 
 
   Borders & Southern Petroleum plc 
   Howard Obee, Chief Executive 
   Tel: 020 7661 9348 
 
   Strand Hanson Limited (Nominated Adviser) 
   Ritchie Balmer / James Bellman 
   Tel: 020 7409 3494 
 
   SP Angel Corporate Finance LLP (Broker) 
   Richard Hail / Stuart Gledhill / Adam Cowl 
   Tel: 020 3470 0470 
 
   Tavistock (Investor Relations) 
   Simon Hudson / Nick Elwes 
   Tel: 020 7920 3150

Notes:

Borders & Southern Petroleum plc is an oil & gas exploration company listed on the London Stock Exchange AIM (BOR). The Company operates and has a 100% interest in three Production Licences in the South Falkland Basin covering an area of nearly 10,000 square kilometres. The Company has acquired 2,517 square kilometres of 3D seismic and drilled two exploration wells, making a significant gas condensate discovery with its first well.

EXPECTED TIMETABLE OF PRINCIPAL EVENTS

 
Latest time and date for receipt of Forms of Proxy        11.00 a.m. on 
                                                         2 January 2023 
General Meeting                                           11.00 a.m. on 
                                                         4 January 2023 
Announcement of results of General Meeting                    following 
                                                        General Meeting 
                                                                     on 
                                                         4 January 2023 
Admission and dealings in the Second Placing Shares        8.00 a.m. on 
 and the Subscription Shares expected to commence        5 January 2023 
 on AIM 
Where applicable, expected date for CREST accounts       5 January 2023 
 to be credited in respect of Second Placing Shares 
 and Subscription Shares in uncertificated form 
Where applicable, expected date for dispatch of      within 10 Business 
 definitive share certificates for New Ordinary       Days of Admission 
 Shares in certificated form

-ends-

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