Polemos PLC Intended Investment (8858G)
01 June 2017 - 10:02PM
UK Regulatory
TIDMPLMO
RNS Number : 8858G
Polemos PLC
01 June 2017
1 June 2017
Polemos plc
("Polemos" or "the Company")
Intended investment
The Directors of Polemos are pleased to announce that the
Company has signed a heads of terms to invest CAD 875,500
(approximately GBP500,000) into TSX-V listed Oyster Oil and Gas
Limited ("Oyster") (the "Investment"). The Investment is subject
only to the completion of formal documentation which is expected to
be finalised very shortly and is being funded from existing cash
resources. Based on an enlarged issued share capital of Oyster of
approximately 44.8 million shares, the Investment will result in
Polemos acquiring a 3.9% equity interest in Oyster.
The terms of the Investment are as follows:
-- Polemos is subscribing for 1,735,000 units at a price of CAD 50c.
-- Each unit will comprise:
o One common share in Oyster
o A warrant to subscribe for a new common share for a period of
two years at a price of CAD 55c.
In addition, under the terms of the term sheet and conditional
on compliance with the rules of the TSX, subject to a floor price
of CAD 30c, the effective price at which the Investment is made can
be varied to represent a discount of 20% to any further capital
raised by Oyster within 12 months of the Investment. It is also
expected that Oyster will seek admission to AIM in due course.
Hamish Harris, a director of Polemos commented: "We are very
pleased to have been able to participate in this financing at what
we believe to be advantageous terms ahead of Oyster's potential
dual listing on AIM. Given Oyster offers not only a large,
multi-billion barrel prospective resource at what we believe to be
a compelling valuation but also an extremely able management team,
we are confident the intended move to London could see a
substantial revaluation of the company along the line of other TSX
oil and gas companies that have moved to AIM recently.
Polemos continues to look at other investment opportunities in
line with its investment policy and will update shareholders in due
course."
About Oyster
Oyster is listed on the TSV Venture Exchange (TSX-V: OY) and is
an international energy group focused on oil and gas exploration
and production activities in underexplored hydrocarbon basins.
Oyster currently operates 4 blocks in the Republic of Djibouti
(100% interest); 3 blocks are located onshore and 1 block offshore,
and it also operates a 100% working interest in a large onshore
block in the Republic of Madagascar. As at 31 March 2017, Oyster
reported Net Assets of CAD 9.8 million and for the year ended 31
December 2016 it reported a comprehensive loss of CAD 0.67 million.
Based on a closing price of CAD 0.40c as at 31 May 2017, it had a
market capitalisation of approximately CAD 17.2 million.
Further information is available on Oyster's website:
http://www.oysteroil.com
- Ends -
For further information, please contact:
Polemos plc +44 (0)20 7440
Hamish Harris 0640
Beaumont Cornish Limited (Nomad +44 (0)20 7628
and Broker) 3396
James Biddle www.beaumontcornish.com
Roland Cornish
Peterhouse Corporate Finance
(Joint Broker) +44 (0)20 7469
Lucy Williams 0930
This information is provided by RNS
The company news service from the London Stock Exchange
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