RNS28 May 2020 08:10
Attis Oil & Gas Ltd / Index: AIM / Epic: AOGL/ ISIN: VGG6622A1057 / Sector: Oil and Gas
7.00am 28 May 2020
Attis Oil & Gas Ltd ('the Company')
Resumption of Trading on AIM
Fundraise of GBP600,000 and Conversion of Bridge Loan Facility
The Company announced on 2 January 2020 that it had entered into a binding Memorandum of Understanding (MOU) with a North American focussed oil and gas company (the "Target") in relation to the potential acquisition of that company (the "Proposed Transaction"). The Proposed Transaction would have been classified as a reverse takeover in accordance with the AIM Rules for Companies and accordingly, at the request of the Company, the Company's shares were suspended from trading on AIM until either the publication of an admission document setting out, inter alia, details of the Proposed Transaction or until confirmation is given that these discussions have ceased.
Due to a number of factors, not least the impact of the Global Coronavirus pandemic on oil prices, and the current economic conditions, discussions with the Target have ceased, the MOU has been terminated and Attis will not be progressing the Proposed Transaction.
Accordingly, trading in the Company's Ordinary Shares on AIM is expected to recommence with effect from 7.30 am on 28 May 2020.
Placing
The Company has placed 4,347,826,129 new ordinary shares at 0.0115 pence per share ("Placing Price") ("Placing Shares") raising gross proceeds of GBP500,000 (the "Placing") before expenses. The Placing has been undertaken by Peterhouse Capital Limited ("Peterhouse"), who have been appointed as the Company's broker (the "Broker") with immediate effect.
Broker Option
The Broker Option is a facility to allow existing shareholders of the Company, being shareholders of the Company who hold shares in the Company as at the close of business on 27 May 2020 ("Existing Shareholders") to participate in the Fundraise on the same basis as the Placing,
In order to allow Existing Shareholders to have an opportunity to subscribe for new ordinary shares in the Company at the Placing Price ("Broker Option Shares"), the Company has granted Peterhouse a Broker Option over 869,565,175 new ordinary shares in the Company exercisable at the Placing Price raising GBP100,000 before expenses.
The Broker Option will be exercised by Peterhouse on 28 May 2020 to conditionally issue 869,565,175 Broker Option Shares, on the same terms and conditions as the Placing Shares.
Participation in the Broker Option is only available to Existing Shareholders and all orders from such Existing Shareholders will be accepted and processed by Peterhouse at Peterhouse's sole discretion. Peterhouse is entitled to participate in the Broker Options as principal and has undertaken to fully exercise the Broker Option.
To subscribe for Broker Option Shares, Existing Shareholders should communicate their bid to Peterhouse via their stockbroker as Peterhouse cannot take direct
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