Lansdowne Oil & Gas plc Exercise of Warrants & Financial Position Update (4860D)
10 October 2018 - 5:00PM
UK Regulatory
TIDMLOGP
RNS Number : 4860D
Lansdowne Oil & Gas plc
10 October 2018
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. If you have any queries on this, then please contact
Steve Boldy, the Chief Executive Officer of the Company
(responsible for arranging release of this announcement).
Lansdowne Oil & Gas plc
Exercise of Warrants & Financial Position Update
10(th) October 2018
Lansdowne Oil & Gas plc ("Lansdowne" or the "Company"), the
North Celtic Sea focussed, oil and gas company, announces that it
has been notified by Brandon Hill Capital ("Brandon Hill") that it
has exercised the conversion of 5,000,000 warrants at an exercise
price of 1 pence per share, resulting in proceeds of GBP50,000
being delivered to the Company.
The 5,000,000 new Lansdowne ordinary shares of 0.1 pence each
("Ordinary Shares"), will rank pari passu with the Company's
existing issued Ordinary Shares, and application has been made for
the new Ordinary Shares to be admitted to trading on AIM. Dealings
on AIM are expected to commence at 8:00am on or around 15 October
2018 ("Admission").
Following the receipt of the GBP50,000, the Company's cash
balance is now approximately GBP266,000. As previously stated, the
current day-to-day running costs of the Company are circa GBP35,000
per month. The Company can also confirm there are a further
8,218,887 warrants held by Brandon Hill, all significantly in the
money, which if exercised would provide Lansdowne with a further
cash injection of GBP96,345.53.
Total Voting Rights
Following admission of the new Shares, the Company will have in
issue 661,849,846 ordinary shares of 0.1 pence each. No ordinary
shares are held in treasury. Therefore, the total number of voting
rights in the Company will be 661,849,846. Brandon Hill's interest
in the Company's issued share capital will increase to 14.28%.
Related Party Transaction
The issue of the new Ordinary Shares to Brandon Hill Capital
Limited is a related party transaction under the AIM Rules. The
Independent Directors, who for this purpose are Steve Boldy,
Viscount Torrington, John Aldersey-Williams and Jeffrey Auld,
having consulted with the Company's nominated adviser, consider
that this transaction is fair and reasonable insofar as the
Company's shareholders are concerned.
For further information please contact:
Lansdowne Oil & Gas plc
Steve Boldy +353 1 495 9259
Cantor Fitzgerald Europe
Nominated Adviser and Joint Broker
David Porter +44 (0) 20 7894 7000
Nicholas Tulloch +44 (0) 131 257 4634
Brandon Hill Capital
Joint Broker
Oliver Stansfield +44 (0) 203 463 5061
Notes to editors:
About Lansdowne
Lansdowne Oil & Gas (LOGP.LN) is a North Celtic Sea
focussed, oil and gas exploration and appraisal company quoted on
the AIM market and head quartered in Dublin.
For more information on Lansdowne, please refer to
www.lansdowneoilandgas.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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