TIDMHNR
RNS Number : 5840M
Highlands Natural Resources PLC
31 July 2017
THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED TO
CONSTITUTE INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE
MARKET ABUSE REGULATION (EU) NO. 596/2014. UPON THE PUBLICATION OF
THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE
IN THE PUBLIC DOMAIN.
NOT FOR PUBLICATION, RELEASE OR DISTRIBUTION, DIRECTLY OR
INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES,
AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA, THE
REPUBLIC OF IRELAND OR ANY OTHER JURISDICTION IN WHICH SUCH
PUBLICATION, RELEASE OR DISTRIBUTION WOULD BE PROHIBITED BY ANY
APPLICABLE LAW.
31 July 2017
Highlands Natural Resources plc
("Highlands" or the "Company")
Result of Fundraising and General Meeting
On 6 July 2017, Highlands, the London-listed natural resources
company, announced a conditional Subscription, Placing and Open
Offer at 12 pence per share with the primary use of proceeds being
to drill the first well of the up to 24 well drill programme at its
East Denver Niobrara Project ("East Denver"), in Q3 2017. A drill
rig has already been selected ahead of the commencement of drilling
targeted for August.
Under the Open Offer, up to 6,783,734 New Ordinary Shares ("Open
Offer Shares") were offered at a price of 12 pence per New Ordinary
Share. Qualifying Shareholders were able to subscribe for Open
Offer Shares on the basis of 1 Open Offer Share for every 10
Ordinary Shares held on the record date (being 5 July 2017). The
Open Offer closed for acceptances at 11.00 a.m. on 27 July
2017.
Highlands has now received valid acceptances in respect of
5,343,149 Open Offer Shares from Qualifying Shareholders. This
represents approximately 78.8 per cent. of the Open Offer Shares
offered. Qualifying shareholders who validly applied for Open Offer
Shares will receive the full amount of Open Offer Shares they
applied for.
Highlands is also pleased to announce that, at its General
Meeting held today, all of the resolutions as set out in the
Prospectus dated 6 July 2017 were duly passed. Highlands has
therefore raised aggregate gross proceeds of GBP3.25 million
through the Subscription, Placing and Open Offer.
Highlands has issued an aggregate of 27,067,735 New Ordinary
Shares pursuant to Fundraising, including settling certain
professional fees by the issue of 166,666 New Ordinary Shares at
the Issue Price. Application has been made to the London Stock
Exchange for these New Ordinary Shares to be admitted to trading on
the Official List of the UK Listing Authority by way of a Standard
Listing and to trading on the London Stock Exchange's Main Market
for listed securities. It is expected that such admission will
occur at 8.00 a.m. on 1 August 2017.
Following Admission, the New Ordinary Shares will rank pari
passu in all respects with the existing ordinary shares of 5 pence
each in issue including the right to receive all dividends and
other distributions declared. Following the Fundraising, the total
number of ordinary shares in Highlands with voting rights will be
94,905,084. This figure may be used by Highlands shareholders as
the denominator for calculations to determine if they have a
notifiable interest in Highlands under the Disclosure and
Transparency Rules, or if such interest has changed.
Unless otherwise defined, capitalised terms shall have the
meaning as those set out in the Prospectus. Further terms of the
Fundraising are set out in the Prospectus.
Following the issue of the above New Ordinary Shares, although
the holding of Robert Price, Executive Chairman of Highlands, has
not changed, with effect from Admission his existing holding of
12,000,000 ordinary shares now represents 12.6 per cent. of the
Company's total voting rights.
Also with effect from Admission Renegade Oil & Gas Company
LLC 's existing holding of 3,500,000 ordinary shares now represents
3.7 per cent. of the Company's total voting rights.
Robert Price, Chairman and CEO of Highlands, commented:
"We are delighted with the level of support received from our
current shareholders and I am pleased to welcome our new
shareholders to Highlands. With our drilling rig already selected,
the fundraising allows us to commence drilling at East Denver and
we expect to do so in the coming weeks. Success will be
transformational for Highlands, marking our first oil and gas
production. I look forward to updating our shareholders in the
coming months."
**ENDS**
Enquiries:
Highlands Natural +1 (0) 303 322
Robert Price Resources plc 1066
+44 (0) 207 464
Brinsley Holman Keith Bayley Rogers 4090
Nick Tulloch Cenkos Securities +44 (0) 131 220
Neil McDonald plc 6939
Lottie Brocklehurst St Brides Partners +44 (0) 20 7236
Hugo de Salis Ltd 1177
Notes to Editors
Highlands (LSE: HNR.L) is a London-listed natural resources
company with a portfolio of high-potential oil, gas and helium
assets and technologies. The company's core projects include:
-- East Denver Niobrara: a farm-in opportunity for horizontal
oil and gas wells targeting the Niobrara shale formation in a
well-studied area of the Denver Julesburg Basin.
-- DT Ultravert: a re-fracking and parent well protection
technology with one patent granted and additional patents pending
in the United States and internationally. Highlands is advancing
commercial conversations with a range of oil and gas operators to
create revenue-sharing opportunities for DT Ultravert
applications.
-- Helios Two: a 105,000+ acre helium and natural gas prospect
in SE Montana with drilling and assessment operations ongoing.
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCUAORRBUABOAR
(END) Dow Jones Newswires
July 31, 2017 06:45 ET (10:45 GMT)
Chill Brands (LSE:CHLL)
Historical Stock Chart
From Apr 2024 to May 2024
Chill Brands (LSE:CHLL)
Historical Stock Chart
From May 2023 to May 2024