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28 Nov 2013 07:42
Mercom Oil Sands Plc (AIM: MMO)
("Mercom" or "the Company")
Nordic Settlement
The Board of Mercom is pleased to announce that it has reached an out of court settlement with Nordic Petroleum ASA ("Nordic") with regard with its dispute over the Farm-in Agreement relating to the Chard Oil Sands leases in Canada. Mercom has agreed to pay an undisclosed cash sum, together with the issue of 12,954,545 new Ordinary Shares in Mercom, to Nordic in full and final settlement of the dispute.
Application will be made for the admission of the 12,954,545 new Ordinary Shares to AIM, which is expected to take place on or about 4 December 2013. On admission, the new Ordinary Shares will rank pari passu with the exiting Ordinary Shares in the Company.
Following admission, the Company's enlarged issued share capital will comprise 546,239,801 Ordinary Shares with one voting right per share. The total number of voting rights in the Company is therefore 546,239,801.
John Zorbas, Chief Executive, said "We are delighted to have reached this settlement with Nordic, which now enables us to look forward with renewed vigour to develop the Company in line with its stated strategy to invest in opportunities in the natural resources and energy sectors, with a focus on oil and gas. We would like to thank our Nomad, Libertas Advisory, for their assistance in reaching this resolution".
Enquiries:
Libertas Advisory | |
Jonathan Hall/Sandy Jamieson | +44 (0) 20 3697 9495 |
Cardew Group | |
Robert Ballantyne/Alexandra Stoneham | +44 (0) 20 7930 0777 |
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