16 September
2024
Mosman Oil and Gas
Limited
("Mosman"
or the "Company")
£1.5m Placing to Pursue
Helium Expansion Opportunities
Mosman Oil and Gas Limited (AIM:
MSMN) the helium, hydrogen and
hydrocarbon exploration, development and
production company, announces that it has raised £1.5 million
(before expenses) by way of a placing and subscription of ordinary
shares of no par value (the "Fundraise").
Highlights
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£1.485 million raised (before
expenses) through the issue of 4,242,857,144 new ordinary shares of
no par value (the "Placing Shares") at a price of 0.035 pence per
share (the "Issue Price").
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Directors Andy Carroll and Nigel
Harvey will subscribe for a total of £15,000, being 42,857,143 new
ordinary shares of no par value ("Subscription Shares"), at the
Issue Price (the "Director Subscription"). The Director
Subscription will be subject to disclosure as a Related Party
Transaction in accordance with the AIM Rules for Companies and the
requirements of the Australian Corporations Act, which includes
shareholder approval. A further announcement will be made regarding
the Director Subscription.
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The net proceeds of the Fundraise
will enable Mosman to:
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Pursue and progress identified
helium projects, with a view to expanding the Company's helium
portfolio; and
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Provide additional working
capital.
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Andy Carroll, Chief Executive Officer of Mosman, said:
"We would like to thank shareholders
and the new institutional investors who supported this fundraise.
With a clear strategy to expand Mosman's helium portfolio, as
demonstrated with the acquisition of a 20% working interest in the
Vecta Helium Project in Colorado and the ongoing activity at both
EP 145 and EP(A) 155 in Australia, the Company has also been
actively evaluating other highly prospective helium opportunities
in the US. With several potential targets identified, this funding
will enable the team to progress early-stage technical due
diligence during calendar Q4 24."
Helium Operational Update
Vecta Helium Project - Drilling Schedule
Mosman has been advised by Vecta Oil
and Gas Ltd ("Vecta"), its partner on the Vecta Helium Project,
that it has commenced the process in order to be able to contract
rigs for drilling in October-December 2024. Mosman has a 20%
interest in five areas leased and Operated by Vecta in Colorado
USA. All five drilling locations are identified and approvals are
in place.
EP(A) 155
Mosman has been advised by Georgina
Energy plc ("Georgina") that the EP(A) 155 approval process is on
track and the meeting with the Central Land Council ('CLC') took
place as scheduled earlier this month. Mosman has 100% of EP(A) 155
which may reduce to 25% if Georgina meets certain farm-in
conditions, and if Mosman elects to be carried through drilling
this may reduce to 10%.
Helium Business Development Activities
The Company has been actively
progressing business development opportunities in the USA that fit
its search criteria of proven, shallow locations with high helium
concentrations with experienced operators. It has entered
into a confidentiality agreement with an ASX listed experienced
operator that has leased areas in the USA that fits the Company's
criteria.
Admission to AIM and Total Voting Rights
The Placing is conditional on, inter
alia, the Placing Shares being admitted to trading on AIM.
Application has been made to the London Stock Exchange for the
Placing Shares, which will rank pari passu with the Company's
existing issued ordinary shares, to be admitted to trading on AIM
and dealings are expected to commence at 8:00 a.m. on or about 19
September 2024. A further announcement will be made regarding the
Director Subscription and admission of the Subscription Shares in
due course.
Following the issue of the Placing
Shares, the Company's total voting rights will comprise
19,494,220,074 Ordinary Shares of no par value and the Company does
not hold any shares in treasury. Consequently, the above figure may
be used by shareholders in the Company as the denominator for the
calculations by which they will determine if they are required to
notify their interest in, or a change to their interest in, the
share capital of the Company in accordance with the Companies'
Articles.
Broker Warrants
The Company has granted 254,571,428
broker warrants to SP Angel Corporate Finance LLP, exercisable at
the Issue Price for a period of two years.
Market Abuse Regulation (MAR)
Disclosure
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') which has
been incorporated into UK law by the European Union (Withdrawal)
Act 2018. Upon the publication of this announcement via Regulatory
Information Service ('RIS'), this information is now considered to
be in the public domain.
Enquiries:
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Mosman Oil & Gas Limited
Andy Carroll
CEO
acarroll@mosmanoilandgas.com
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NOMAD and Joint Broker
SP Angel Corporate Finance
LLP
Stuart Gledhill / Richard Hail /
Adam Cowl
+44 (0) 20 3470 0470
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Alma
Justine James / Will
Merison
+44 (0) 20 3405 0205
mosman@almastrategic.com
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Joint Broker
CMC Markets UK Plc
Douglas Crippen
+44 (0) 020 3003 8632
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Updates on the Company's activities
are regularly posted on its website: www.mosmanoilandgas.com
Notes to editors
Mosman (AIM: MSMN) is a helium,
hydrogen and hydrocarbon exploration, development, and production
company with projects in the US and Australia. Mosman's strategic
objectives remain consistent: to identify opportunities which will
provide operating cash flow and have development upside, in
conjunction with progressing exploration. The Company has several
projects in the US, in addition to exploration projects in the
Amadeus Basin in Central Australia.