extra warrants18 Jun 2017 15:31
A warrant to subscribe for a new common share for a period of two years at a price of CAD 55c.
In addition, under the terms of the term sheet and conditional on compliance with the rules of the TSX, subject to a floor price of CAD 30c, the effective price at which the Investment is made can be varied to represent a discount of 20% to any further capital raised by Oyster within 12 months of the Investment. It is also expected that Oyster will seek admission to AIM in due course. Hamish Harris, a director of Polemos commented: "We are very pleased to have been able to participate in this financing at what we believe to be advantageous terms ahead of Oyster's potential dual listing on AIM. Given Oyster offers not only a large, multi-billion barrel prospective resource at what we believe to be a compelling valuation but also an extremely able management team, we are confident the intended move to London could see a substantial revaluation of the company along the line of other TSX oil and gas companies that have moved to AIM recently.