Mosman Oil and Gas Limited Issue of Equity to Fund Expansion (1681S)
September 29 2017 - 1:01AM
UK Regulatory
TIDMMSMN
RNS Number : 1681S
Mosman Oil and Gas Limited
29 September 2017
29 September 2017
Mosman Oil and Gas Limited
("Mosman" or the "Company")
Issue of Equity to Fund Expansion
Mosman Oil and Gas Limited (AIM: MSMN) the oil exploration,
development and production company, announces the Company has
raised GBP600,000 by way of a placing and subscription of
50,000,000 new ordinary shares of no par value in the capital of
the Company ("New Ordinary Shares") at 1.2p per share by SP Angel
Corporate Finance LLP (the "Placing").
Use of Proceeds
Mosman's strategic objective continues to be that of identifying
opportunities which will provide operating cash flow and have
further development upside; in conjunction with adding value to the
Company's existing exploration permits.
The Placing will allow Mosman to progress its growth strategy
following the recent acquisition of three producing projects in the
United States which demonstrate that the Company is moving forward
effectively in achieving its objectives of building a significant
production operation.
The proceeds of the Placing will accelerate the ongoing
development of the existing US onshore oil production assets to
increase production and cash flow, the potential acquisition of
additional onshore production assets, for general corporate working
capital purposes and for the ongoing costs associated with the
review and due diligence on other acquisition opportunities that
are currently being evaluated.
John W. Barr, Executive Chairman, said: "The Placing will
provide funding to progress the growth in the operational side of
our US onshore production acquisitions. Our growth strategy remains
focused on identifying further opportunities like Strawn, Welch and
Arkoma that can provide operating cash flow and have additional
development upside, in conjunction with adding value to our
existing exploration permits."
Details of the Placing
The Placing is conditional on, inter alia, the New Ordinary
Shares in the capital of the Company (the "Placing Shares") being
admitted to trading on AIM.
An application has been made to the London Stock Exchange for
the Placing Shares, which will rank pari passu with the Company's
existing issued Ordinary Shares, to be admitted to trading on AIM
and dealings are expected to commence at 8:00 a.m. (BST) on 5
October 2017.
Total Voting Rights
Following the issue of the Placing Shares the Company's total
issued share capital will comprise 299,448,151 Ordinary Shares. In
accordance with the Financial Conduct Authority Disclosure and
Transparency Rules, the Company has 299,448,151 Ordinary Shares in
issue, each share carrying the right to one vote. The Company does
not hold any Ordinary Shares in Treasury.
The above figure of 299,448,151 Ordinary Shares may be used by
shareholders in the Company as the denominator for the calculations
by which they will determine if they are required to notify their
interest in, or a change to their interest in, the share capital of
the Company under the Financial Conduct Authority's Disclosure and
Transparency Rules.
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this
announcement.
Enquiries:
Mosman Oil & Gas Limited NOMAD and Broker
John W Barr, Executive SP Angel Corporate Finance
Chairman LLP
Andy Carroll, Technical Stuart Gledhill / Richard
Director Hail
jwbarr@mosmanoilandgas.com +44 (0) 20 3470 0470
acarroll@mosmanoilandgas.com
Gable Communications
Limited
Justine James / John
Bick
+44 (0) 20 7193 7463
mosman@gablecommunications.com
Updates on the Company's activities are regularly posted on its
website
www.mosmanoilandgas.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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