Eco (Atlantic) Oil and Gas Ltd. Announces Successful US$12.3 million Equity Fundraise - Seite 4
Use of Proceeds
Further to the Company's announcement published today, the net proceeds from the Equity Fundraise are intended to be used to finance the cash consideration of US$1.5 million for the Company's acquisition of a further 6.25% Participating Interest in Block 3B/4B (the "Acquisition") and the remaining US$10.8 million will be used to reprocess 3D seismic data and commence potential well exploration operations at Block 3B/4B and Guyana Orinduik Block.
The Equity Fundraise and the Acquisition are not inter-conditional. If for any reason completion of the Acquisition did not occur, the proceeds of the Equity Fundraise that have been provisionally allocated to be used on that transaction would be applied to other general corporate purposes of the Company.
Issue of Fee Shares
The Company has agreed to issue 180,000 new Common Shares to certain advisers in lieu of cash fees ("Fee Shares").
Admission and Total Voting Rights
Application is being made to the London Stock Exchange plc for admission of the Placing Shares, Subscription Shares and Fee Shares to trading on AIM, which is expected to take place at 8.00 a.m. (BST) on or around 30 June 2022 and dealings on AIM will commence at the same time ("Admission"). The issuance of the Placing Shares and Subscription Shares is subject to approval by the TSX Venture Exchange.
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Following Admission, the issued share capital of the Company will be 344,863,838 Common Shares (including the 2,702,702 new Common Shares, as announced by the Company this morning). The above figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the FCA's Disclosure Guidance and Transparency Rules.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For more information, please visit www.ecooilandgas.com or contact the following:
Eco Atlantic Oil and Gas |
c/o Celicourt +44 (0) 20 8434 2754 |
Gil Holzman, CEO Colin Kinley, COO Alice Carroll, Head of Corporate Sustainability |