25 Sep 2013 07:00

25 September 2013
Sirius Petroleum plc
("Sirius" or the "Company")
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Fundraising
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Issue of Equity
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Sirius Petroleum plc (AIM: SRSP) is pleased to announce that it has raised a total of £1.8m, at a composite price of approximately 3p per Ordinary share of 0.25p each ("Ordinary Shares") settled through the issue of 59,899,858 new Ordinary Shares, including the capitalisation of fees relating to the fund raising and capitalisation of outstanding loan agreements. This will provide the Company with additional working capital whilst it finalises the terms of the financing required to develop the Company's portfolio of oil and gas assets held directly and under exclusive options.
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In addition to the 59,899,858 new Ordinary Shares to be issued pursuant to the fundraising, several creditors have also agreed to settle outstanding invoices equating to a total value of £76,250 via the issuance of 2,125,000 new Ordinary Shares at a composite price of approximately 3.6p per share.
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Additionally, the Company will allot 61,300,000 new Ordinary Shares at par to capitalise fees of £153,250 due to Taglient Oil Nigeria Limited, pursuant to an agreement dated 23 July 2008 and as re-confirmed at the AGM held on 25 July 2013, the conditions of which have been deemed to be met.
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Pursuant to the arrangements set out above, the Company will allot, in aggregate, 123,324,858 new Ordinary Shares. Application for the admission of the new Ordinary Shares to trading on AIM ("Admission") has been made and Admission is expected to occur on 1 October 2013. The new Ordinary Shares will represent 13.0 per cent. of the enlarged share capital and will rank equally in all respects with the existing ordinary shares. Following this issue, the total number of ordinary shares in issue will be 947,124,985. This number may be used by shareholders as the denominator for the calculation by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company.
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Bobo Kuti, Chief Executive, said:
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"We have decided to bolster the Company's immediate working capital as we conclude the final stages of the process of agreeing the primary funding facilities in order to execute our long standing strategy to build a substantial portfolio of oil and gas assets."
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Ends
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Enquiries:
Sirius Petroleum plc Bobo Kuti / Jamie Bligh, IR Â | +44 (0) 20 7747 5100 |
Cairn Financial Advisers LLP Tony Rawlinson / Paul Trendell  | +44 (0) 20 7148 7900 |
Strand Hanson Limited (Broker and Financial Advisor) James Harris / James Spinney  | +44 (0) 20 7409 3494 |
Gable Communications Limited John Bick / Justine James | +44 (0) 20 7193 7463 |
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