TIDMWTE
RNS Number : 1038E
Westmount Energy Limited
03 May 2017
3 May 2017
Westmount Energy Limited
("Westmount" or the "Company")
Results of Open Offer
On 12 April 2017, Westmount Energy Limited (AIM: WTE) announced
a conditional subscription (which subsequently became
unconditional) to raise GBP200,000 in conjunction with an Open
Offer to raise up to GBP564,258.35 (each before expenses).
The Company is pleased to announce the results of the Open
Offer, which closed for acceptances at 11.00 a.m. on 2 May 2017 and
was oversubscribed. Valid applications have been received in
respect of 14,395,947 new Ordinary Shares of nil par value,
representing a percentage take up of 127.6 per cent of those new
Ordinary Shares available under the Open Offer. 11,285,167 Open
Offer Shares will be issued pursuant to the Open Offer. One Open
Offer Warrant will be issued for every two Open Offer Shares
subscribed for. Qualifying Shareholders who have applied for Open
Offer Shares will receive the full number of Open Offer Shares
applied for by them and those that made an application under the
Excess Application Facility will receive 100 per cent of Excess
Shares applied for by them, except for two long term shareholders
who have each been consulted with and will receive an approximate
60 per cent scale back of the 5,153,506 Excess Shares applied for
in aggregate by them.
As more fully described in the Open Offer circular dated 12
April 2017 (the "Circular"), each of Gerard Walsh, Thomas O'Gorman
and Dermot Corcoran, being directors of the Company, are
participating in the Open Offer.
Gerard Walsh, Chairman of the Company, has agreed to purchase
1,550,000 new Ordinary Shares and will receive 775,000 Open Offer
Warrants as part of the Open Offer. As announced previously, the
Company has agreed to repay GBP77,500 of the Director Loan from Mr
Gerard Walsh, being equal to the consideration payable by Mr Walsh
for his pro-rata entitlement under the Open Offer. Mr Walsh has
directed the Company to apply such an amount to his subscription
for Open Offer Shares such that his subscription is fully paid up
in cash. Following Admission, Mr Walsh will hold 4,650,000 Ordinary
Shares, representing 12.3 per cent of the Enlarged Share Capital,
500,000 Options and 775,000 Open Offer Warrants.
Thomas O'Gorman has agreed to purchase 1,550,000 new Ordinary
Shares and will receive 775,000 Open Offer Warrants as part of the
Open Offer. Following Admission, Mr O'Gorman will hold 4,650,000
Ordinary Shares, representing 12.3 per cent of the Enlarged Share
Capital, 500,000 Options and 775,000 Open Offer Warrants.
Dermot Corcoran has agreed to purchase 1,500,000 new Ordinary
Shares and will receive 750,000 Open Offer Warrants as part of the
Open Offer. Following Admission, Mr Corcoran will hold 4,500,000
Ordinary Shares, representing 11.9 per cent of the Enlarged Share
Capital, and 750,000 Open Offer Warrants.
In view of the strong level of support for the Open Offer
including through the Excess Application Facility from certain of
the Company's long-term shareholders, the Board intends to explore
options to, and if thought appropriate at the relevant time,
accommodate additional investment from such shareholders in the
near term, in order to further strengthen the position of the
Company both financially and strategically.
Application has been made for 11,285,167 new Ordinary Shares, to
be issued via the Open Offer, to be admitted to trading on AIM. It
is expected that Admission and commencement of dealings in the new
Ordinary Shares will be 8.00 a.m. on 8 May 2017. Following
Admission, the Enlarged Share Capital of the Company will consist
of 37,855,502 Ordinary Shares. No Ordinary Shares are held in
treasury.
The above figure of 37,855,502 may be used by 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 FCA's Disclosure Guidance
and Transparency Rules.
Gerard Walsh, Chairman, commented:
"I thank our shareholders for the support that they have shown
in taking up the Open Offer, which was oversubscribed. The addition
to our working capital has strengthened our balance sheet and
provides your company with more flexibility in our discussions with
third parties."
For further information, please contact:
Westmount Energy Limited www.westmountenergy.com
David King, Director Tel: +44 (0)1534
823028
Cenkos Securities plc, Nomad
and Broker
Nicholas Wells / Elizabeth Tel: +44 (0)20
Bowman 7397 8900
Defined terms used in this announcement not otherwise defined
shall have the same meanings as those terms defined and used in the
Circular.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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