Rose Petroleum PLC Notice of General Meeting (1753Q)
25 November 2016 - 8:15PM
UK Regulatory
TIDMROSE
RNS Number : 1753Q
Rose Petroleum PLC
25 November 2016
25 November 2016
Rose Petroleum plc ("Rose" or the "Company")
Notice of General Meeting
Rose Petroleum plc, the AIM quoted (AIM: ROSE) natural resources
company, announces that the Company is today publishing a Circular
to convene a General Meeting of shareholders.
The Company announced on 19 October 2016 that it had completed a
fundraising of GBP1 million (the "Fundraising") in order to advance
the Company's plan to increase cash flow from its Mexico mining and
milling operations by restarting joint venture operations with
certain mine owners in the area of the SDA Mill (100% owned by
Rose) and to provide additional general working capital.
Under the terms of the Fundraising, subscribers were issued with
one warrant for every two Ordinary Shares taken up under the
Fundraising ("Placing Warrants"). The 357,142,857 Placing Warrants
are exercisable at a price of 0.25 pence per Placing Warrant at any
time in the three years from 26 October 2016. In addition,
42,857,142 warrants were issued to Turner Pope Investments (TPI)
Limited, the broker of the Fundraising, with the same terms as the
Placing Warrants ("TPI Warrants"). The Placing Warrants and the TPI
Warrants (together, the "Warrants") would represent 9.61 per cent.
of the enlarged share capital of the Company if they are exercised
in full.
The Company does not currently have sufficient authority
pursuant to the Companies Act 2006 (as amended) to issue sufficient
new Ordinary Shares should the Warrants be exercised and,
therefore, in accordance with the terms of the Fundraising, the
Company is convening a general meeting to seek such authority from
Shareholders and an additional authority to support further issues
of Ordinary Shares. The Directors are seeking the additional
authority as they consider it important to retain flexibility to
finance the Company or complete acquisitions through the issue of
Ordinary Shares should it be required.
The general meeting will be held at 12.00 noon on 13 December
2016 at the offices of Allenby Capital Limited, 3 St. Helen's
Place, London EC3A 6AB. The circular containing the notice of
general meeting will be sent to shareholders today and will be
available to view later today on the Company's website,
www.rosepetroleum.com.
For further information, please contact:
Rose Petroleum Tel: +44 (0)
Matthew Idiens plc 20 7225 4595
(CEO) Tel: +44 (0)
Chris Eadie (CFO) 20 7225 4599
------------------- ------------------------- ----------------
Jeremy Porter / Allenby Capital Tel: +44 (0)
James Reeve / Liz 20 3328 5656
Kirchner Turner Pope Investments
Tel: +44 (0)20
James Pope / Ben 3621 4120
Turner
Graham Herring IFC Advisory Tel: +44 (0)
/ Tim Metcalfe 20 3053 8671
------------------- ------------------------- ----------------
This information is provided by RNS
The company news service from the London Stock Exchange
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