TIDMNTOG
RNS Number : 0452L
Nostra Terra Oil & Gas Company PLC
08 January 2021
7.00am 8 January 2021
Nostra Terra Oil and Gas Company Plc
("Nostra Terra" or "the Company")
Oversubscribed Fundraise
Nostra Terra (AIM: NTOG), the oil & gas exploration and
production company with a portfolio of development and production
assets in Texas, USA, is pleased to announce completion of an
oversubscribed fundraise of GBP500,000 with institutional and
professional investors.
Nostra Terra stated strategy includes; growing production from
existing assets in the Permian Basin and Pine Mills, increase
cashflow from production growth, and acquisitions when suitable.
Over recent months the Company has delivered on that with the
farmout of an undrilled portion of Pine Mills, the acquisition of
the Caballos Creek asset in South Texas, and the farmin to the
additional asset in the Permian Basin.
The net cashflow from production has improved significantly over
the past several months and Nostra Terra is focused on continuing
its growth. The Company received an unsolicited offer to raise
money at a zero discount to the current trading price and has
accepted it. The net proceeds of this fundraise will be used for
potential opportunities now under active consideration.
Fundraise
The Company has conditionally raised, in aggregate, GBP500,000,
before expenses, by way of a subscription for 80,000,000 new
ordinary shares (the "Subscription Shares") (the "Subscription")
and a placing of 20,000,000 new ordinary shares (the "Placing
Shares") (the "Placing") at a price of 0.50 pence per share (the
"Issue Price"). The Subscription and the Placing together
constitute the "Fundraise".
The Issue Price represents zero discount to the closing bid
market price of the Company's ordinary shares on AIM of 0.50 pence
on 7 January 2020, being the latest practicable date prior to this
announcement. The Subscription Shares and Placing Shares (together,
the "Fundraise Shares") represent approximately 15% of the
Company's issued share capital as enlarged by the Fundraise.
Participants in the Fundraise will be issued with one warrant
for every Fundraise Share subscribed for (the "Fundraise
Warrants"), resulting in the issue of 100,000,000 Fundraise
Warrants, as well as 8,000,000 warrants to the broker of the
Fundraise ("Broker Warrants"). The Fundraise Warrants and the
Broker Warrants will be exercisable for a period of two years at a
price of 0.85 pence per share, which equates to a premium of 70% to
the Issue Price.
The Company does not currently have the requisite share
authorities to issue new ordinary shares. Therefore, it is
proposing resolutions for additional authority and dis-application
of pre-emption rights (the "Resolutions") sufficient only for this
Fundraise, where the issue is conditional on shareholder approval
at a duly convened general meeting. Further announcements in this
regard will be made in due course.
Admission and Total Voting Rights
The Fundraise is conditional only on the passing of the
Resolutions and admission of the Fundraise Shares to trading on AIM
("Admission"). Application will be made for Admission of the
100,000,000 Fundraise Shares which is expected to occur at 8.00
a.m. on or around 2 February 2021.
Following Admission, the Company will have 679,520,534 ordinary
shares in issue, none of which will be held in treasury.
Accordingly, the total number of voting rights in the Company will
be 679,520,534 and shareholders may use this figure 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 Company under the FCA's Disclosure Guidance and
Transparency Rules.
Matt Lofgran , Nostra Terra 's Chief Executive Officer,
said:
"We're very happy with the recent interest in the Company,
especially the increased institutional investment. While we weren't
looking for additional funds, we received an unsolicited offer
without any discount. This provides us more options to accelerate
the growth with various opportunities available to the Company.
Progress on our existing portfolio is very good. We look forward
to updating shareholders on all fronts as progress continues for
Nostra Terra."
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014
For further information, contact:
Nostra Terra Oil and Gas Company
plc
Matt Lofgran, CEO Email: +1 480 993 8933
Beaumont Cornish Limited
(Nominated Adviser)
James Biddle/ Roland Cornish Tel: +44 (0) 20 7628 3396
Novum Securities Limited (Broker)
Jon Belliss
Tel: +44 (0) 207 399 9425
Lionsgate Communications (Public
Relations)
Jonathan Charles Tel: +44 (0) 7791 892509
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
MSCSSASMAEFSEDF
(END) Dow Jones Newswires
January 08, 2021 02:00 ET (07:00 GMT)
Nostra Terra Oil And Gas (LSE:NTOG)
Historical Stock Chart
From Feb 2024 to Mar 2024
Nostra Terra Oil And Gas (LSE:NTOG)
Historical Stock Chart
From Mar 2023 to Mar 2024