TIDMMSMN

RNS Number : 1828Y

Mosman Oil and Gas Limited

30 December 2019

30 December 2019

Mosman Oil and Gas Limited

("Mosman" or the "Company")

GEM International Resources Inc ("GEM")

Mosman Oil and Gas Limited (AIM: MSMN) the oil exploration, development and production company, provides an update on its' investment in GEM.

Further to the update announced on 1 November 2019, Mosman confirms GEM has raised new capital by issuing 8 million shares at CAD 5 cents per share. GEM has also undertaken a debt for equity swap for CAD 270,500. GEM will now continue with its objective of securing an interest in a new project.

As part of these activities, Mosman confirms that it has completed the capitalisation of CAD 50,000 of its existing loan as part of the debt for equity swap undertaken by GEM, and as a result owns c1,760,000 shares in GEM (c 9%).

The remaining loan of c CAD 50,000 has been repayed to Mosman by GEM.

Mosman is encouraged by this development and looks forward to the next step in GEM's revitalisation.

John W. Barr, Executive Chairman of Mosman, currently acts as interim CEO of GEM and following the issue of new capital in GEM and the debt/equity swap is expected to control a c.7% interest in GEM. While GEM is not classed as a related party of Mosman under the AIM Rules, Mr.Barr has recused himself from Mosman's decision to capitalise part of its existing loan to GEM.

Market Abuse Regulation (MAR) Disclosure

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

Enquiries:

 
 Mosman Oil & Gas Limited            NOMAD and Broker 
  John W Barr, Executive Chairman     SP Angel Corporate Finance LLP 
  Andy Carroll, Technical Director    Stuart Gledhill / Richard Hail 
  jwbarr@mosmanoilandgas.com          / Soltan Tagiev 
  acarroll@mosmanoilandgas.com        +44 (0) 20 3470 0470 
 Alma PR 
  Justine James 
  +44 (0) 20 3405 0205 
  +44 (0) 7525 324431 
  mosman@almapr.co.uk

Updates on the Company's activities are regularly posted on its website: www.mosmanoilandgas.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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