Pantheon Resources PLC Issue of Equity (2455R)
05 March 2021 - 3:55AM
UK Regulatory
TIDMPANR
RNS Number : 2455R
Pantheon Resources PLC
04 March 2021
04 March, 2021
Pantheon Resources plc
Issue of Equity
Pantheon Resources plc ("Pantheon" or "the Company"), the
AIM-quoted oil and gas exploration company with a 100% working
interest(1) in a number of oil projects adjacent to transportation
and pipeline infrastructure on the Alaska North Slope, announces
that it has received a notice of conversion, on a one to one basis,
for 24,318,628 of the 88,209,106 ordinary shares not carrying
voting rights ("Non-Voting Shares") into ordinary shares carrying
voting rights ("Voting Ordinary Shares") in the Company (the
"Conversion"). The Conversion will be effective on Admission (as
defined below).
The Non-Voting Shares were originally issued as part of the
purchase consideration for the Great Bear Companies in January
2019, as previously announced. The Non-Voting Shares are
convertible into Voting Ordinary Shares, on a one-for-one
basis.
Application has been made to the London Stock Exchange for the
admission to trading of the 24,318,628 new Voting Ordinary Shares
resulting on the Conversion, which is expected at 8.00 am on 10
March 2021 ("Admission").
The Company's enlarged issued share capital admitted to trading
on AIM immediately following Admission will consist of 615,095,604
Voting Ordinary Shares and 63,890,478 Non-Voting Shares. The
aforementioned figure of 615,095,604 Voting Ordinary Shares 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,
Pantheon under the Financial Conduct Authority's Disclosure
Guidance and Transparency Rules.
The Non Voting Shares are held in the name of Great Bear
Petroleum Operating, LLC ("GBPO") and GBPO has been instructed to
make the Conversion at the direction of CHONS LLC ("CHONS"). The
Voting Shares to be issued pursuant to the Conversion will
initially be in name of GBPO and GBPO has indicated its intention
of then transferring them to CHONS.
(1) subject to completion of the recently announced transaction
with Otto Energy Limited
-Ends-
Further information:
Pantheon Resources plc +44 20 7484 5361
Jay Cheatham, CEO
Justin Hondris, Director, Finance and Corporate
Development
Canaccord Genuity plc (Nominated Adviser and
broker)
Henry Fitzgerald-O'Connor, James Asensio, Angelos
Vlatakis +44 20 7523 8000
Blytheweigh
Tim Blythe, Megan Ray, Alice Mclaren, Madeleine
Gordon-Foxwell +44 20 7138 3204
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END
IOESSEFMLEFSEID
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March 04, 2021 11:55 ET (16:55 GMT)
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