NOT FOR RELEASE, PUBLICATION OR
DISTRIBUTION IN WHOLE OR IN PART IN OR INTO THE UNITED STATES,
AUSTRALIA, CANADA OR JAPAN.
This announcement is not an offer for
sale, or a solicitation of an offer to acquire, securities in any
jurisdiction, including in or into the United States, Canada,
Australia, or Japan. Neither this announcement nor any part
of it shall form the basis of or be relied on in connection with or
act as an inducement to enter into any contract or commitment
whatsoever.
26th April 2024
UPLAND RESOURCES LIMITED (LSE:UPL)
("Upland" or the "Company")
INSTITUTIONAL PLACING & APPOINTMENT OF JOINT
BROKER
The Company is pleased to announce
the completion of an equity placing to raise $4m ("the Placing").
The Placing was arranged and cornerstoned by OAK Securities, who
have also been appointed as Joint Broker to the Company.
The Placing has raised gross proceeds
of $4 million ("the Proceeds") at a price of 3.3 pence per new
ordinary share ("Placing Price"). The net Proceeds of the Placing
will provide the Company with sufficient capital to support its
business plans, including drilling a well.
This follows the announcement by the
Company on 22nd April that it has signed an LOI on a
potential Joint Venture with a strategic partner with strong
financial and technical capabilities, and that the Company has now
placed a deposit and signed a Rig Reservation Agreement with
Huisman Geo BV, on the LOC 400-6, New Generation compact rig with
horizontal drilling and completion capabilities.
Bolhassan Di, Upland Chairman and CEO
commented:
"I
am very pleased to welcome two respected institutional investors in
the natural resources sector onto our share register together with
our new Joint broker OAK Securities and the support of one of our
largest strategic shareholders.
This institutional investment supports our current operations
and business plan, including drilling a well. We look forward to
updating the market on developments over the coming
weeks."
Admission
Admission of the new Ordinary Shares
to the Official List (standard listing segment) and to trading on
the London Stock Exchange's Main Market is expected by Monday
6th May.
Total Voting Rights
Following the Placing, the Company's
total number of Ordinary Shares in issue will be 1,308,358,069.
This figure may be used by shareholders as the denominator for the
calculation to determine if they are required to notify the Company
of their interest in, or a change to their interest in, the
Company's securities in accordance with the FCA's Disclosure and
Transparency Rules.
For further information, please
contact:
OAK Securities is a Corporate Broker
in the UK specialising in the natural resources sector. The
cornerstone investment was made by a Principle of OAK
Securities.
OAK Securities is a trading name of
Merlin Partners LLP OC317265. Merlin Partners is Authorised and
Regulated by the Financial Conduct Authority:
449191.
Registered Office: 90 Jermyn Street,
London SW1Y 6JD, United Kingdom.
**ENDS**