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22 Jan 2014 11:44
New World Oil and Gas Plc / Index: AIM / Epic: NEW / Sector: Oil & Gas
22 January 2014
New World Oil and Gas Plc ('New World' or 'the Company')
Update on Subscription to raise US$25 million
Further to the approval of Shareholders at the Annual General Meeting on 12 September 2013, New World has continued to work with the Subscriber, Niel Petroleum SA ("Niel"), to complete the subscription on the agreed terms, namely the issue of Subscription Shares at 0.735p per Subscription Share.
The Company is now pleased to announce that it has received Subscription funds to the value of US$4.8 million from Niel and which the Company is currently holding in escrow. US$20.2 million, the balance of the agreed Subscription funds, is expected to be paid by Niel by the end of February and at that stage the total of 2,184,897,959 Subscription Shares will be issued and allotted in accordance with the transaction approved by Shareholders.
A further announcement will be made in due course.
** ENDS **
For further information please visit www.nwoilgas.com or contact:
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