Baron Oil PLC Revision to Islandmagee Option (8414K)
26 September 2016 - 11:15PM
UK Regulatory
TIDMBOIL
RNS Number : 8414K
Baron Oil PLC
26 September 2016
26 September 2016
Baron Oil plc
("Baron" or the "Company")
Revision to Islandmagee option
Baron (AIM:BOIL), announces that it has agreed to a modification
of the option held by it to acquire equity in Islandmagee Storage
Limited ("IMSL"), the gas storage development company owned 90% by
InfraStrata plc (InfraStrata").
On 19 August 2016, InfraStrata announced that it had repaid a
loan from Baron and had amended the option which accompanied the
loan from Baron, so that Baron had an option to acquire a 15%
interest in IMSL for a payment of GBP1,536,498 until 31 March 2017.
This option has been revised, so that Baron now has an option to
acquire the number of ordinary shares of 1p in InfraStrata that
represents 16.666% of the enlarged ordinary share capital of
InfraStrata (from time to time) for a payment of GBP1,536,498,
until 31 March 2017. Exercise of the option in full is conditional
on InfraStrata having the requisite authorities under the Companies
Act 2006 to issue new ordinary shares in the Company, which will be
sought at the Company's next general meeting of shareholders (or
earlier if required).
For further information on the Company, visit
www.baronoilplc.com or contact:
Baron Oil Plc:
Malcolm Butler (CEO) Tel: +44 (0)1892 838948
Cantor Fitzgerald (Nominated Advisor and Broker):
Sarah Wharry (Corporate Finance) Tel: +44 (0)20 7894 7000
Alex Pollen (Corporate Broking)
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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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