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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END
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