Upland Resources Limited Capital Raise for Asian and N. African Initiatives (8807S)
July 14 2020 - 1:00AM
UK Regulatory
TIDMUPL
RNS Number : 8807S
Upland Resources Limited
14 July 2020
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART
IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN
This announcement is not an offer for sale, or a solicitation of
an offer to acquire, securities in any jurisdiction, including in
or into the United States, Canada, Australia, or Japan. Neither
this announcement nor any part of it shall form the basis of or be
relied on in connection with or act as an inducement to enter into
any contract or commitment whatsoever.
14 July 2020
UPLAND RESOURCES LIMITED
("Upland" or the "Company")
Capital Raise to Progress Asian and North African
Initiatives
Upland Resources Limited (LSE: UPL), the oil and gas company
actively building a portfolio of attractive upstream assets in
proven, mature south-east Asian and north African basins , is
pleased to announce that it has raised GBP470,000 (before expenses)
via a placing and subscription of new ordinary shares of no par
value in the Company (the "Placing and Subscription"). The funds
will be used to progress technical and commercial workstreams
relating to the Company's projects in Tunisia and South East Asia
and for general working capital purposes.
The Company will issue 67,142,861 new ordinary shares of no par
value at 0.7p per share pursuant to the Placing and Subscription
(the "Placing and Subscription Shares"). 33,571,431 warrants will
also be issued as part of the Placing and Subscription (1 warrant
for every 2 new ordinary shares). Each warrant will be exercisable
into 1 new ordinary share of no par value in the Company at an
exercise price of 1.3p. The warrants will be issued by the Company
simultaneously with the Placing and Subscription Shares and will be
exercisable for a period of 24 months from the date of
admission.
As part of the Placing and Subscription, Chris Pitman, CEO, has
subscribed for 7,142,857 new ordinary shares of no par value in the
Company at 0.7p per share together with 3,571,429 warrants.
Upland CEO Chris Pitman commented:
"We are pleased to announce that we have completed this fund
raise and would like to take the opportunity of welcoming new
shareholders to the Company who have invested on the basis of a
robust business model focussed on delivering significant returns to
all stakeholders. Some of the larger incoming shareholders have
communicated their intentions to strategically support the Company
through this growth period allowing us to develop a portfolio of
attractive assets.
The Company presently has several near term highly attractive
transformational licence opportunities under review in South East
Asia including Sarawak, Brunei and wider Malaysia, together with
its present licence interests in the Tunisia and the United
Kingdom. We see this uncertain period of oil prices as a unique
opportunity to expand Upland's portfolio with a focus on overlooked
areas in mature producing hydrocarbon basins. The Company has
access through both the management and shareholders to an extensive
network of political and commercial relationships throughout Asia
and North Africa providing a key element in local partnerships and
subsequent licence applications.
The proceeds of this fund raise will be deployed on value adding
activities such as the work programme for the Saouaf Permit in
Tunisia and to close new identified and screened opportunities in
both South East Asia and North Africa. Capital will allow us to
acquire new modern data and apply new concepts and new
interpretations to proven producing basins to define new plays,
prospects and to re-assess fallow discoveries.
We look forward to updating shareholders further on all ongoing
projects in due course."
Total Voting Rights and Admission
Following Admission, the Company will have 686,768,853 shares of
no par value in issue, each with one vote per share (and none of
which are held in treasury). The total number of voting rights in
the Company is therefore 686,768,853. This figure of 686,768,853
may be used by shareholders in the Company as the denominator for
calculations to determine if they have a notifiable interest in the
share capital of the Company under the Disclosure Guidance and
Transparency Rules, or if such interest has changed.
Applications will be made to the Financial Conduct Authority
("FCA") for the new ordinary shares to be admitted to listing on
the Official List (standard listing segment) of the FCA and to the
London Stock Exchange for the new ordinary shares to be admitted to
trading on the London Stock Exchange's main marker for listed
securities (together "Admission"). Admission of the Placing and
Subscription Shares is expected to occur on 17 July 2020.
Following Admission, Chris Pitman, CEO, will hold 7,142,857
shares in the capital of the Company, equating to 1.04 % of the
Company's issued shares.
This announcement contains inside information for the purposes
of Article 7 of the Regulation (EU) No 596/2014 on market abuse
For further information, please contact:
Upland Resources Limited
Christopher Pitman, CEO Tel: +44 (0) 7891 677441
E-mail: chris.pitman@uplandres.com
Optiva Securities Limited
Jeremy King (Corporate Tel: +44 (0) 20 3137 1904
Finance) E-mail: jeremy.king@optivasecurities.com
Christian Dennis (Corporate Tel: +44 (0) 20 3411 1903
Broker) E-mail: christian.dennis@optivasecurities.com
FTI Consulting
Ben Brewerton Tel: +44 (0) 203 727 1000
E-mail: uplandresources@fticonsulting.com
Flowcomms Ltd
Sasha Sethi Tel: +44 (0) 7891 677441
E-mail: sasha@flowcomms.com
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.
END
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