Westmount Energy Limited Subscription (1991F)
16 May 2017 - 4:00PM
UK Regulatory
TIDMWTE
RNS Number : 1991F
Westmount Energy Limited
16 May 2017
THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR
DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN, INTO
OR FROM THE UNITED STATES, CANADA, AUSTRALIA, THE REPUBLIC OF SOUTH
AFRICA OR JAPAN OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD
CONSTITUTE A BREACH OF THE RELEVANT SECURITIES LAWS OF SUCH
JURISDICTION.
This announcement does not constitute a prospectus or offering
memorandum or an offer in respect of any securities and is not
intended to provide the basis for any decision in respect of
Westmount Energy Limited or other evaluation of any securities of
Westmount Energy Limited or any other entity and should not be
considered as a recommendation that any investor should subscribe
for or purchase any such securities.
16 May 2017
Westmount Energy Limited
("Westmount" or the "Company")
Direct Subscription to raise up to GBP150,000
Westmount Energy Limited (AIM: WTE), the energy investment
company, announces a conditional subscription ("Investor
Subscription") to raise GBP150,000 (before expenses).
Reasons for the Investor Subscription and Use of Proceeds
Further to the Company's announcement of 3 May 2017 in relation
to the results of the Company's recent Open Offer, the Company is
pleased to announce that Marlborough UK Micro-Cap Growth Fund and
Mr Stephen Carroll, each existing Shareholders, have subscribed in
aggregate GBP150,000 for 2,500,000 new ordinary shares and 500,000
new ordinary shares (the "Subscription Shares") respectively in the
Company at a price of 5 pence per ordinary share (the "Subscription
Price"). The Investor Subscription is conditional only on admission
of the Subscription Shares to trading on AIM ("Admission"). The
Subscription Price represents a discount of 23.1 per cent to the
closing share price on 15 May 2017, being the day before
publication of this announcement. The directors of Westmount
believe that the Investor Subscription further improves the
financial position of Westmount and the proceeds will be used for
the Company's ongoing working capital requirements.
Details of the Investor Subscription
It is expected that, following completion of the Investor
Subscription, Marlborough UK Micro-Cap Growth Fund and Mr Carroll
will hold approximately 14.7 and 3.1 per cent. respectively of the
issued share capital of the Company. Marlborough UK Micro-Cap
Growth Fund and Mr Carroll also hold 1,151,161 and 241,949 warrants
over ordinary shares of the Company respectively. Admission is
expected to occur at 8.00 a.m. on 19 May 2017.
Total Voting Rights
Following Admission, the Company's issued ordinary share capital
will comprise 40,855,502 ordinary shares. The Company does not hold
any shares in treasury. Therefore, the total number of ordinary
shares with voting rights in Westmount following Admission will be
40,855,502.
The above figure of 40,855,502 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.
For further information, please contact:
Westmount Energy Limited www.westmountenergy.com
David King, Director Tel: +44 (0)1534
823028
Cenkos Securities plc Nomad and Tel: +44 (0)20
Broker 7397 8900
Nicholas Wells / Elizabeth Bowman
(Corporate Finance)
This announcement contains inside information which has now been
made public by this announcement.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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