Sirius Petroleum PLC Equity Placing Raises £2m - Equipment Deposits (4878X)
February 22 2017 - 1:00AM
UK Regulatory
TIDMSRSP
RNS Number : 4878X
Sirius Petroleum PLC
22 February 2017
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.
22 February 2017
Sirius Petroleum Plc
(the "Company" or "Sirius ")
Equity placing raising GBP2 million
for equipment mobilisation deposits, and
cancellation of the Calvet Convertible Loan Facility
Sirius Petroleum (AIM: SRSP), the investing company focused on
oil and gas exploration and development opportunities in Nigeria,
announces that firm commitments have been received from new and
existing shareholders in respect of subscriptions, in aggregate,
for 266,666,666 new ordinary shares at a price of 0.75 pence per
ordinary share (the "Subscriptions" and the "Subscription Shares")
to raise gross proceeds of GBP2 million. The Company has also
agreed to issue to 3,333,333 new ordinary shares at 0.75 pence in
settlement of fees ("Fee Shares").
The net proceeds of the Subscriptions will be used to pay the
initial deposits on key equipment and long lead items (including
wellheads, 'christmas tree' pipe and valve assemblies, and tubing
hangers) ahead of the commencement of the proposed drilling
programme on the Ororo field in conjunction with the Company's
Project Consortium partners; COSL Pan Pacific Drilling, Add Energy,
and Schlumberger.
The Company has agreed the cancellation of the remaining
Convertible Loan Facility ("Loan") with Calvet International
Limited, a family investment office, which currently has an undrawn
amount of GBP630,000. Under the terms of the Loan, Calvet may at
their discretion deliver any undrawn amount of the Loan to the
Company and convert any outstanding amounts due to them, plus the
drawdawn fee, into Sirius ordinary shares. This could have had the
effect of the issue of 126 million new ordinary shares being issued
at 0.5p per share. The Company has agreed with Calvet for the
cancellation of the Loan by way of a payment of GBP500,000 which
has the result of reducing dilution by 59.3 million shares.
Application has been made for the Subscription Shares and the
Fee Shares to be admitted to trading on AIM, which is expected to
occur on, or around, 27 February 2017, subject to receipt of the
Subscription proceeds. Following the issue of the Subscription
Shares, the Company will have 2,528,029,522 ordinary shares of 0.25
pence each in issue. No ordinary shares are held in treasury. The
figure of 2,528,029,522 may be used by the Company's shareholders
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 Financial
Conduct Authority's Disclosure and Transparency Rules.
Bobo Kuti, CEO of Sirius, commented:
"We are advancing into the pre-drilling programme of activity
and hence the requirement for the funds to support the mobilisation
of key equipment and long lead items. We have been very pleased
with the excellent support from existing and new shareholders in
this oversubscribed placing."
Enquiries:
Sirius Petroleum +44 20 3740 7640
Bobo Kuti / Jack Pryde
Cantor Fitzgerald Europe +44 20 7894 7000
Sarah Wharry / Craig Francis
Gable Communications +44 20 7193 7463
John Bick srsp@gablecommunications.com
The person making this notification on behalf of Sirius
Petroleum plc is Olukayode (Bobo) Kuti, the Chief Executive Officer
and Director of the Company.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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