17 Nov 2017 12:11
17 November 2017
Highlands Natural Resources plc ('Highlands' or 'the Company')
Share subscription raises £3,391,384
Highlands, the London-listed oil and gas company, is pleased to announce that it has raised £3,391,384 before expenses through the subscription by a single investor for 11,304,616 new ordinary shares of 5p each (the 'Subscription Shares') at a price of 30p per Subscription Share (the 'Subscription').
The funds raised will be used to further develop the Company's core projects, principally drilling wells 3 and 4 at its East Denver oil and gas hub, the DT Ultravert patented technology and the Helios 2 prospect.
The Company believes that these new proceeds in addition to the previously announced financing partnerships fully fund the Company to achieve all of its near term operational goals.
Admission and Total Voting Rights
Application will be made for admission of the 11,304,616 Subscription Shares to trading on the Official List of the UK Listing Authority by way of a Standard Listing and to trading on the London Stock Exchange's Main Market for listed securities ('Admission'). It is anticipated that Admission will occur and dealings will commence in the Subscription Shares on 24 November 2017. The Subscription Shares will rank pari passu with the existing ordinary shares of 5p each ('Ordinary Shares').
Following Admission, the total number of Ordinary Shares in Highlands with voting rights will be 115,963,681. This figure may be used by Highlands' shareholders as the denominator for calculations to determine if they have a notifiable interest in Highlands under the Disclosure and Transparency Rules, or if such interest has -changed.
Disclosure of notifiable interests
Due to the issue of the above Subscription Shares, although the number of Ordinary Shares held by Robert Price, Executive Chairman of Highlands, has not changed, with effect from Admission his holding will represent 10.35 per cent. of the Company's total voting rights.
THIS RELEASE CONTAINS INSIDE INFORMATION
**ENDS**
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