31 Oct 2013 16:30
Brady Exploration plc
("Brady" or the "Company")
Update on the proposed acquisition of Energy Equity Resources (Norway) Limited
On 30 April 2013 the Board of Brady, the AIM listed natural resources focused investing company, announced that it was working towards acquiring the entire issued share capital of Energy Equity Resources (Norway) Limited ("EER"), a UK incorporated company with oil and gas interests in Nigeria. The proposed acquisition of EER (the "Proposed Acquisition") would constitute a reverse takeover under Rule 14 of the AIM Rules for Companies. The consideration for the Proposed Acquisition is expected to be satisfied through the issue of new ordinary shares in the Company. The Proposed Acquisition is also conditional on the raising of additional equity finance.
The Proposed Acquisition is at an advanced stage and the process of raising the additional equity finance is underway. Whilst the Proposed Acquisition is at an advanced stage there can be no certainty that it will be concluded successfully.
The shares of the Company remain suspended at the current time and the Company will make further announcements as required.
For further information on the Company, visit: www.bradyexploration.com or contact:
Alex Borrelli
| Brady Exploration plc | Tel: +44 (0) 7747 020 600 |
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Nick Naylor Nick Athanas
| Allenby Capital Limited (Nominated adviser) | Tel: +44 (0) 20 3328 5656 |
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