Lansdowne Oil & Gas plc Corporate Update (7006I)
December 15 2020 - 3:47AM
UK Regulatory
TIDMLOGP
RNS Number : 7006I
Lansdowne Oil & Gas plc
15 December 2020
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 ("MAR"). Upon the
publication of this announcement via Regulatory Information Service
("RIS"), this inside information is now considered to be in the
public domain. If you have any queries on this, then please contact
Steve Boldy, the Chief Executive Officer of the Company
(responsible for arranging release of this announcement).
15 December 2020
Lansdowne Oil & Gas plc
("Lansdowne" or the "Company")
Corporate Update
Lansdowne Oil & Gas plc (AIM: LOGP), the North Celtic Sea
focused, oil and gas company, is pleased to provide a corporate
financial update.
The Company has entered into agreements with LC Capital Master
Fund ("LCCMF") to extend the payment date of its outstanding loan
of GBP1.155 million currently due for repayment on 31 December 2020
(the "Loan Extension").
The agreements provide that:
-- The Company will repay GBP175,000 of the outstanding loan amount with immediate effect;
-- The payment date of the remaining c. GBP980,000 will be extended to 31 December 2021;
-- The Company will award LC Capital Targeted Opportunities Fund
LP ("LCCTOF" and, together with LCCMF, "LC Capital") 26 million
Warrants to subscribe for new shares in the Company at a price of
1.2p/share, the term of the Warrants to expire on 31 December 2021
(the "Warrant Issue"); and
-- The existing 25,934,245 warrants granted to LCCTOF, pursuant
to the warrant instrument issued by the Company on 2 April 2020 and
expiring on 31 December 2020 will be cancelled
All other terms of the loan, which include a coupon of 5 per
cent. per annum, remain unchanged.
Related Party Transaction
As LC Capital is a substantial shareholder in the Company as
defined under the AIM Rules for Companies (the "AIM Rules"), it is
considered to be a Related Party of the Company as defined under
the AIM Rules and the Loan Extension and Warrant Issue are
considered to be a Related Party Transaction pursuant to Rule 13 of
the AIM Rules.
The Directors of the Company independent from the Loan Extension
and the Warrant Issue, being the full Board, consider, having
consulted with the Company's Nominated Adviser, SP Angel Corporate
Finance LLP, that the terms of the Loan Extension and Warrant Issue
are fair and reasonable insofar as the Company's Shareholders are
concerned.
Steve Boldy CEO of Lansdowne Oil & Gas commented:
"We would once again like to thank Lampe Conway for their
continued support of Lansdowne. Given recent capital injections to
the Company via the exercise of warrants at 1.2p, Lansdowne's
balance sheet is much improved. Accordingly, we are able to pay
back part of the outstanding loan amount, whilst also ensuring the
Company retains in excess of one year's working capital.
Whilst 2020 has been a difficult year for everyone, we believe
we have made great progress with the Barryroe oil and gas field,
through the signing of the Farm-out Agreement with SpotOn Energy.
The Agreement provides a full carry to production of oil and gas
via the Early Development Programme and we look forward to updating
the market in early 2021 regarding progress."
For further information please contact:
Lansdowne Oil & Gas plc +353 1 963 1760
Steve Boldy
SP Angel Corporate Finance LLP +44 (0) 20 3470 0470
Nominated Adviser and Joint Broker
Stuart Gledhill
Richard Hail
Brandon Hill Capital +44 (0) 20 3463 5061
Joint Broker
Oliver Stansfield
Notes to editors:
About Lansdowne
Lansdowne Oil & Gas (LOGP.LN) is a North Celtic Sea focused,
oil and gas exploration and appraisal company quoted on the AIM
market and head quartered in Dublin.
For more information on Lansdowne, please refer to
www.lansdowneoilandgas.com.
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END
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