23 May 2018 07:00
Wednesday, 23 May 2018
Bahamas Petroleum Company plc
("BPC" or the "Company")
Appointment of Advisor
Subscription
Bahamas Petroleum Company plc, the oil and gas exploration company with significant prospective resources in licences in The Commonwealth of The Bahamas is pleased to announce that it has appointed the Advisory and Capital Markets Division of Macquarie Capital Markets Canada Ltd. ("Macquarie Capital") as its advisor. Macquarie Capital will be assisting the Company with its various corporate initiatives. Macquarie Capital, a wholly-owned subsidiary of Macquarie Group Limited, provides a full suite of global corporate solutions with a leading presence in the international energy sector.
The Company is also pleased to announce that it has raised £1,100,000 before expenses by way of a subscription (the "Subscription"), conditional on admission to AIM, of 44,000,000 new ordinary shares of 0.002 pence each (the "Subscription Shares") at a price of 2.5 pence per Subscription Share (the "Subscription Price"). The Subscription Shares will, when issued, rank pari passu in all respects with the existing ordinary shares. Application has been made for the Subscription Shares to be admitted to trading on AIM and admission is expected to take place on or around 29 May 2018. The Subscription proceeds will primarily be used to support the Company's work relating to ongoing partnership negotiations.
Upon issue of the Subscription Shares, the Company's issued share capital will consist of 1,554,479,096 ordinary shares of 0.002 pence each ("Ordinary Shares"), with each Ordinary Share carrying the right to one vote. The Company does not hold any Ordinary Shares in treasury. 2,640,000 warrants to subscribe to Ordinary Shares in the Company at the Subscription Price, expiring on 22 May 2020, have also been issued to the subscriber. The figure of 1,554,479,096 Ordinary Shares may be used by shareholders in the Company, as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure Guidance and Transparency Rules ("DTRs").
Simon Potter, Chief Executive Officer of Bahamas Petroleum Company, said:
"We are delighted to have appointed an organisation with a global reputation such as Macquarie Capital as our advisor, and look forward to working closely with them. We believe that Macquarie Capital's deep sector expertise in oil and gas will be of considerable benefit to BPC as we look to advancing our strategy. In addition, the funds raised through the Subscription gives the Company more flexibility in any negotiations."
The information communicated in this announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014.
Ends
For further information, please contact:
Bahamas Petroleum Company plc Simon Potter, Chief Executive Officer
| Tel: +44 (0) 1624 647 883 |
Strand Hanson Limited - Nomad Rory Murphy / James Spinney
| Tel: +44 (0) 20 7409 3494 |
Shore Capital Stockbrokers Limited Jerry Keen / Toby Gibbs / James Thomas | Tel: +44 (0) 207 408 4090 |
CAMARCO Billy Clegg / Gordon Poole / James Crothers | Tel: +44 (0) 20 3757 4983 |
Notes to editors:
Bahamas Petroleum Company is an oil and gas exploration company with 100% owned offshore licences exclusively focused on The Commonwealth of The Bahamas. The Company has significant prospective resources, which have been de-risked through both extensive 2D and 3D seismic. The Company is intent on delivering safe and environmentally responsible exploration.
www.bpcplc.com