Cloudbreak Regulatory News (CDL)

17 Oct 2005 14:49

Cardinal Resources plc17 October 2005 CARDINAL RESOURCES PLC ALLOTS ORDINARY SHARES IN ACCORDANCE WITH THEANTI-DILUTION RIGHT LONDON - Monday, 17th October 2005 Cardinal Resources plc (AIM:CDL), an independent oil and gas exploration andproduction company, today announces that it has allotted Ordinary Shares inaccordance with the Anti-Dilution Right approved by shareholders at theCompany's AGM on 25th July 2005. Based on the terms of the Anti-Dilution Right, a total of 4,807,288 OrdinaryShares (5.5% of the existing share capital) will be issued to seven shareholderswho invested as part of the Company's original private placement in 2004. TheAnti-Dilution Right was granted to incentivise the placement shareholders tosubscribe for additional shares at the time of the Company's admission to AIMand to assist in maintaining favourable relations between Cardinal and itsshareholders. Under the Anti-Dilution Right, additional shares are allottedbecause the agreed target price for Cardinal's Ordinary Shares over the previousfifteen consecutive trading days was not met. These new shares are subject to orderly market provisions until 15th January2006. Cardinal Resources plcCardinal Resources plc is an independent oil and gas exploration and productioncompany with assets in Ukraine. Cardinal is an experienced operator in thecountry focused on expanding its existing operations through the farm-in oracquisition of additional upstream oil and gas assets that can be furtherdeveloped through the application of modern technology and expertise. ### This release may contain certain forward-looking statements. These statementsrelate to future events or future performance and reflect management'sexpectations regarding Cardinal's growth, results of operations, performance andbusiness prospects and opportunities. Such forward-looking statements reflectmanagement's current beliefs, are based on information currently available tomanagement and are based on reasonable assumptions as of this date. Noassurance, however, can be given that the expectations will be achieved. Anumber of factors could cause actual results to differ materially from theprojections, anticipated results or other expectations expressed in thisrelease. While Cardinal makes these forward-looking statements in good faith,neither Cardinal, nor its directors and management, can guarantee that theanticipated future results will be achieved. Contact:Kate SpiroDIRECTORInvestor Relationskspiro@cardinal-uk.com+44 (0) 20 7936 5258 This information is provided by RNS The company news service from the London Stock Exchange