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Reabold Resources PLC - invests in upstream oil & gas projects - Signs equity exchange agreement with US OTC traded oil & gas operator Daybreak Oil & Gas Inc, which will lead to Reabold becoming a major shareholder through the issue of 161.0 million shares to Reabold.
One of the conditions of the agreement, Daybreak will need to raise at least USD2.5 million via an equity raise, the proceeds of which will go towards growing production across the company's enhanced portfolio.
As a result, Reabold will hold a 47% interest in Daybreak.
"This transaction creates liquidity for Reabold and forms a new, cash flow producing business with the skills and capability to capitalise on growth opportunities from its existing portfolio, and attractive acquisitions presented by the market dynamics in California. Our Californian portfolio has been a significant deliverer for Reabold, with 5 discoveries over 5 wells since we began our drilling program," says co-Chief Executive Officer Sachin Oza.
Current stock price: 0.20 pence, up 9.2% on Thursday
Year-to-date change: down 70%
By Dayo Laniyan; dayolaniyan@alliancenews.com
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