Sirius Petroleum PLC Issue of Equity (1707S)
19 December 2016 - 6:00PM
UK Regulatory
TIDMSRSP
RNS Number : 1707S
Sirius Petroleum PLC
19 December 2016
19 December 2016
Sirius Petroleum plc
(the "Company" or "Sirius ")
Oversubscribed Placing Raises over $1 million for General
Working Capital
Sirius Petroleum (AIM: SRSP), the investing company focused on
oil and gas exploration and development opportunities in Nigeria,
announces that firm commitments have been received from new and
existing shareholders in respect of subscriptions, in aggregate,
for 170,000,000 new ordinary shares at a price of 0.5 pence per
ordinary share (the "Subscriptions" and the "Subscription Shares")
to raise gross proceeds of GBP850,000 (approximately $1 million net
of expenses). The Subscriptions are conditional upon receipt of
funds and admission of the Subscription Shares to trading on
AIM.
The net proceeds of the Subscriptions will be used for
additional working capital purposes commensurate with the Company's
accelerated activities in Nigeria as it prepares to bring its Ororo
field into first oil production, in conjunction with its Vendor
Finance Consortium partners COSL Pan Pacific Drilling, Add Energy,
and Schlumberger.
Application has been made for the Subscription Shares to be
admitted to trading on AIM, which is expected to occur on, or
around, 23 December 2016, subject to receipt of the Subscription
proceeds. Following the issue of the Subscription Shares, the
Company will have 2,258,029,523 ordinary shares of 0.25 pence each
in issue. No ordinary shares are held in treasury. The figure of
2,258,029,523 may be used by the Company's shareholders 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 Company under the Financial Conduct Authority's
Disclosure Rules and Transparency Rules.
Bobo Kuti, CEO of Sirius, commented:
"This oversubscribed placing demonstrates the support we are
receiving from new and existing shareholders in our strategy to get
to first oil following the execution of the definitive agreements
with global industry service providers. As we are now advancing
with a range of agreements across a number of service areas, the
proceeds of the placing will be applied toward our working capital
requirements as we start to activate some provisional services
ahead of the main work programme."
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.
Enquiries:
Sirius Petroleum +44 20 3740 7640
Bobo Kuti / Jack Pryde
Cantor Fitzgerald Europe +44 20 7894 7000
Sarah Wharry / Craig Francis
Gable Communications +44 20 7193 7463
John Bick srsp@gablecommunications.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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