Lansdowne Oil & Gas plc Corporate Update (1150X)
31 December 2021 - 06:00PM
UK Regulatory
TIDMLOGP
RNS Number : 1150X
Lansdowne Oil & Gas plc
31 December 2021
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).
31 December 2021
Lansdowne Oil & Gas plc
("Lansdowne" or the "Company")
Corporate Update
Lansdowne Oil & Gas plc (AIM: LOGP), the North Celtic Sea
focused, oil and gas company, is pleased to provide a corporate
financial update.
The Company has entered into an agreement with LC Capital Master
Fund ("LCCMF") to extend the payment date of its outstanding loan
of GBP1.028 million (the "Loan") currently due for repayment on 31
December 2021 (the "Loan Extension").
Further, as part of LCCMF's agreement to the Loan Extension, the
Company has agreed to certain amendments to the warrants to
subscribe for up to 26 million new ordinary shares in the Company
that were granted to LC Capital Targeted Opportunities Fund LP
("LCCTOF" and, together with LCCMF, "LC Capital") in December 2020
as part of a previous extension of the Loan (the "Existing
Warrants"). The Existing Warrants have an exercise price of
1.2p/warrant and an expiry date of 31 December 2021.
The foregoing arrangements provide that:
-- The repayment date of the Loan will be extended to 31 December 2022;
-- The exercise period for the Existing Warrants has been
extended to now expire on 31 December 2022, in line with the Loan
Extension and the exercise price has been adjusted to
0.525p/warrant (being the closing mid market price on 29 December
2021); and
-- Provision has been made for the Existing Warrants to be
adjusted in the event of the Company completing any equity
fundraising(s) prior to 31 December 2022 (an "Equity Fundraising"),
such that (i) the exercise price per warrant be adjusted to an
amount equal to the share issue price associated with the Equity
Fundraising (if such issue price is lower than 0.525p), and (ii)
the number of warrants is increased by such amount as to ensure
that the maximum number of new ordinary shares in the Company that
LCCTOP could acquire on exercise of the Existing Warrants
represents the same proportion of the Company's issued share
capital as would have been the case prior to the completion of the
Equity Fundraising.
Rather than allow the Existing Warrants to lapse on 31 December
2021 in accordance with their terms and new warrants be granted in
their place on the amended terms as are detailed above, the Board
elected to amend the terms of the Existing Warrants, which achieves
the equivalent effect.
All other terms of the loan, which include a coupon of 5 per
cent. per annum, remain unchanged.
Related Party Transaction
As LC Capital is a substantial shareholder in the Company as
defined under the AIM Rules for Companies (the "AIM Rules"), it is
considered to be a Related Party of the Company as defined under
the AIM Rules and each of the Loan Extension and proposed
amendments to the Existing Warrants (the "Warrant Amendments") are
considered to be a Related Party Transaction pursuant to Rule 13 of
the AIM Rules.
The Directors of the Company independent from the Loan Extension
and the Warrant Amendments, being the full Board, consider, having
consulted with the Company's Nominated Adviser, SP Angel Corporate
Finance LLP, that the terms of the Loan Extension and Warrant
Amendments are fair and reasonable insofar as the Company's
Shareholders are concerned.
Steve Boldy CEO of Lansdowne Oil & Gas commented:
"We would once again like to thank LC Capital for their
continued support of Lansdowne.
The last year has seen record gas and electricity prices
throughout Europe and increasing concerns regarding security of
supply. There has also been a growing understanding that gas will
be essential as a transition fuel for many years to come and that
oil will also continue to be required.
Barryroe can play an important role in addressing these concerns
and we will continue our efforts to move the project forward in the
New Year"
For further information please contact:
Lansdowne Oil & Gas plc +353 1 963 1760
Steve Boldy
SP Angel Corporate Finance LLP +44 (0) 20 3470 0470
Nominated Adviser and Joint Broker
Stuart Gledhill
Richard Hail
Brandon Hill Capital +44 (0) 20 3463 5061
Joint Broker
Oliver Stansfield
Notes to editors:
About Lansdowne
Lansdowne Oil & Gas (LOGP.LN) is a North Celtic Sea focused,
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.
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