Last checked at 10 Oct 2018 07:00
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR"). Upon the publication of this announcement via Regulatory Information Service ("RIS"), this inside information is now considered to be in the public domain. If you have any queries on this, then please contact Steve Boldy, the Chief Executive Officer of the Company (responsible for arranging release of this announcement).
Lansdowne Oil & Gas plc
Exercise of Warrants & Financial Position Update
10th October 2018
Lansdowne Oil & Gas plc ("Lansdowne" or the "Company"), the North Celtic Sea focussed, oil and gas company, announces that it has been notified by Brandon Hill Capital ("Brandon Hill") that it has exercised the conversion of 5,000,000 warrants at an exercise price of 1 pence per share, resulting in proceeds of £50,000 being delivered to the Company.
The 5,000,000 new Lansdowne ordinary shares of 0.1 pence each ("Ordinary Shares"), will rank pari passu with the Company's existing issued Ordinary Shares, and application has been made for the new Ordinary Shares to be admitted to trading on AIM. Dealings on AIM are expected to commence at 8:00am on or around 15 October 2018 ("Admission").
Following the receipt of the £50,000, the Company's cash balance is now approximately £266,000. As previously stated, the current day-to-day running costs of the Company are circa £35,000 per month. The Company can also confirm there are a further 8,218,887 warrants held by Brandon Hill, all significantly in the money, which if exercised would provide Lansdowne with a further cash injection of £96,345.53.
Total Voting Rights
Following admission of the new Shares, the Company will have in issue 661,849,846 ordinary shares of 0.1 pence each. No ordinary shares are held in treasury. Therefore, the total number of voting rights in the Company will be 661,849,846. Brandon Hill's interest in the Company's issued share capital will increase to 14.28%.
Related Party Transaction
The issue of the new Ordinary Shares to Brandon Hill Capital Limited is a related party transaction under the AIM Rules. The Independent Directors, who for this purpose are Steve Boldy, Viscount Torrington, John Aldersey-Williams and Jeffrey Auld, having consulted with the Company's nominated adviser, consider that this transaction is fair and reasonable insofar as the Company's shareholders are concerned.
For further information please contact:
Lansdowne Oil & Gas plc Steve Boldy
| +353 1 495 9259 |
|
|
|
|
Cantor Fitzgerald Europe Nominated Adviser and Joint Broker David Porter |
+44 (0) 20 7894 7000 |
Nicholas Tulloch +44 (0) 131 257 4634
Brandon Hill Capital
Joint Broker
Oliver Stansfield +44 (0) 203 463 5061
Notes to editors:
About Lansdowne
Lansdowne Oil & Gas (LOGP.LN) is a North Celtic Sea focussed, oil and gas exploration and appraisal company quoted on the AIM market and head quartered in Dublin.
For more information on Lansdowne, please refer to www.lansdowneoilandgas.com