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Upland Resources Limited (LSE: UPL), the oil and gas company actively building a portfolio of attractive upstream assets in proven, mature south-east Asian and north African basins, is pleased to announce that it has raised £470,000 (before expenses) via a placing and subscription of new ordinary shares of no par value in the Company (the “Placing and Subscription”). The funds will be used to progress technical and commercial workstreams relating to the Company’s projects in Tunisia and South East Asia and for general working capital purposes.
The Company will issue 67,142,861 new ordinary shares of no par value at 0.7p per share pursuant to the Placing and Subscription (the “Placing and Subscription Shares”). 33,571,431 warrants will also be issued as part of the Placing and Subscription (1 warrant for every 2 new ordinary shares). Each warrant will be exercisable into 1 new ordinary share of no par value in the Company at an exercise price of 1.3p. The warrants will be issued by the Company simultaneously with the Placing and Subscription Shares and will be exercisable for a period of 24 months from the date of admission.
As part of the Placing and Subscription, Chris Pitman, CEO, has subscribed for 7,142,857 new ordinary shares of no par value in the Company at 0.7p per share together with 3,571,429 warrants.
Upland CEO Chris Pitman commented:
“We are pleased to announce that we have completed this fund raise and would like to take the opportunity of welcoming new shareholders to the Company who have invested on the basis of a robust business model focussed on delivering significant returns to all stakeholders. Some of the larger incoming shareholders have communicated their intentions to strategically support the Company through this growth period allowing us to develop a portfolio of attractive assets.
The Company presently has several near term highly attractive transformational licence opportunities under review in South East Asia including Sarawak, Brunei and wider Malaysia, together with its present licence interests in the Tunisia and the United Kingdom. We see this uncertain period of oil prices as a unique opportunity to expand Upland’s portfolio with a focus on overlooked areas in mature producing hydrocarbon basins. The Company has access through both the management and shareholders to an extensive network of political and commercial relationships throughout Asia and North Africa providing a key element in local partnerships and subsequent licence applications.
The proceeds of this fund raise will be deployed on value adding activities such as the work programme for the Saouaf Permit in Tunisia and to close new identified and screened opportunities in both South East Asia and North Africa. Capital will allow us to acquire new modern data and apply new concepts and new interpretations to proven producing basins to define new plays, prospects and to re-assess fallow discoveries.
We look forward to updating shareholders further on all ongoing projects in due course.”
Total Voting Rights and Admission
Following Admission, the Company will have 686,768,853 shares of no par value in issue, each with one vote per share (and none of which are held in treasury). The total number of voting rights in the Company is therefore 686,768,853. This figure of 686,768,853 may be used by shareholders in the Company as the denominator for calculations to determine if they have a notifiable interest in the share capital of the Company under the Disclosure Guidance and Transparency Rules, or if such interest has changed.
Applications will be made to the Financial Conduct Authority (“FCA”) for the new ordinary shares to be admitted to listing on the Official List (standard listing segment) of the FCA and to the London Stock Exchange for the new ordinary shares to be admitted to trading on the London Stock Exchange’s main marker for listed securities (together “Admission”). Admission of the Placing and Subscription Shares is expected to occur on 17 July 2020.
Following Admission, Chris Pitman, CEO, will hold 7,142,857 shares in the capital of the Company, equating to 1.04 % of the Company’s issued shares.
This announcement contains inside information for the purposes of Article 7 of the Regulation (EU) No 596/2014 on market abuse
| Upland Resources Limited | www.upland.energy |
| Christopher Pitman, CEO | Tel: +44 (0) 7891 677441 [email protected] |
| Optiva Securities Limited | |
| Jeremy King (Corporate Finance) | Tel: 020 3137 1904 [email protected] |
| Christian Dennis (Corporate Broker) | Tel: 020 3137 1903 [email protected] |
| FTI Consulting | |
| Ben Brewerton/Molly Stewart | Tel: +44 (0) 20 3727 1708 [email protected] |
| Flowcomms Ltd | |
| Sasha Sethi | Tel: +44 (0)7891 677441 [email protected] |