TIDMMSMN

RNS Number : 4948J

Mosman Oil and Gas Limited

22 December 2020

22 December 2020

Mosman Oil and Gas Limited

("Mosman" or the "Company")

Results of 2020 AGM and

Issue of Shares and Warrants to settle outstanding Director liabilities

Mosman Oil and Gas Limited (AIM: MSMN) advises that all resolutions put to shareholders at the Annual General Meeting, held earlier today in Sydney, Australia, were duly passed.

The Resolutions included one for the reappointment of Mr John Young as a Director, and six dealing with the issue of shares and warrants to Directors to satisfy amounts outstanding that were deferred due to impact of the COVID-19 Pandemic.

The passing of the resolutions removes AUD225,000 in debt from the balance sheet, and therefore increases working capital by a similar amount. Directors abstained from voting on these six resolutions in accordance with governance requirements and Australian Corporate requirements.

Proxy Summary:

 
 Resolution    Total Proxies   Voting in     Voting Against   Abstaining 
  Number        Received        Favour 
 Resolution 
  1             236,534,605    236,434,605         -           100,000 
              --------------  ------------  ---------------  ----------- 
 Resolution 
  2             236,534,605    183,408,104         -          53,126,501 
              --------------  ------------  ---------------  ----------- 
 Resolution 
  3             236,534,605    183,408,104         -          53,126,501 
              --------------  ------------  ---------------  ----------- 
 Resolution 
  4             236,534,605    183,408,104         -          53,126,501 
              --------------  ------------  ---------------  ----------- 
 Resolution 
  5             236,534,605    183,408,104         -          53,126,501 
              --------------  ------------  ---------------  ----------- 
 Resolution 
  6             236,534,605    183,408,104         -          53,126,501 
              --------------  ------------  ---------------  ----------- 
 Resolution 
  7             236,534,605    183,408,104         -          53,126,501 
              --------------  ------------  ---------------  ----------- 
 

Details of the Issue of Shares

As set out in the Notice of meeting, shares and warrants have been issued to the three Directors of the Company to satisfy outstanding Directors and consulting fees that were not paid while cash outgoings were minimised during the pandemic.

A total of 104,452,084 shares ("New Shares") and 104,452,084 warrants were issued to Directors or their nominees. This comprised:

 
                New Shares      Total Shares   New Warrants    Total Warrants 
 Director        to be Issued    Held           to be Issued    Held 
                                              -------------- 
 J W Barr          52,254,583     82,354,584   52,254,583(1)       52,254,583 
               --------------  -------------  -------------- 
 A R Carroll       41,780,834     63,657,334   41,780,834(2)       41,780,834 
               --------------  -------------  -------------- 
 J A Young         10,416,667     11,466,667   10,416,667(3)       10,416,667 
               --------------  -------------  -------------- 
 Total            104,452,084    157,478,585     104,452,084      104,452,084 
               --------------  -------------  -------------- 
 

1. 20,833,333 warrants have an exercise price of 0.23p and 31,421,250 warrants have an exercise price of 0.15p. All warrants have a term of 12 months from date of issue.

2. 20,833,334 warrants have an exercise price of 0.23p and 20,947,500 warrants have an exercise price of 0.15p. All warrants have a term of 12 months from date of issue.

3. 10,416,667 warrants have an exercise price of 0.23p. All warrants have a term of 12 months from date of issue.

The issue shares and warrants to three Directors of the Company will satisfy outstanding Directors and consulting fees that were not paid while cash outgoings were minimised during the pandemic.

Admission to AIM and Total Voting Rights

The issue is conditional on, inter alia, the Issue Shares and Warrants being admitted to trading on AIM. Application will be made to the London Stock Exchange for the New 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. on or about 30 December 2020.

Following the issue of the New Shares, the Company's share and total voting rights will comprise 2,599,013,052 Ordinary Shares of no par value and the Company does not hold any shares in treasury .

Consequently, the above figure 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 Company's Constitution.

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 Joint Broker 
  John W Barr, Executive Chairman     SP Angel Corporate Finance LLP 
  Andy Carroll, Technical Director    Stuart Gledhill / Richard Hail 
  jwbarr@mosmanoilandgas.com          / Adam Cowl 
  acarroll@mosmanoilandgas.com        +44 (0) 20 3470 0470 
 Alma PR                              Joint Broker 
  Justine James                         Monecor (London) Ltd 
  +44 (0) 20 3405 0205                  trading as ETX Capital 
  +44 (0) 7525 324431                   Thomas Smith 
  mosman@almapr.co.uk                   +44 (0) 20 7392 1432 
 
 Updates on the Company's activities are regularly posted on 
  its website: www.mosmanoilandgas.com 
 

Updates on the Company's activities are regularly posted on its website

www.mosmanoilandgas.com

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December 22, 2020 02:57 ET (07:57 GMT)