Bahamas Petroleum Company PLC Result of EGM and Completion of Placing (1327L)
July 14 2017 - 7:01AM
UK Regulatory
TIDMBPC
RNS Number : 1327L
Bahamas Petroleum Company PLC
14 July 2017
14(th) July 2017
Bahamas Petroleum Company plc ("BPC" or the "Company")
Result of EGM and Completion of Placing
Bahamas Petroleum Company, the oil and gas exploration company
with significant prospective resources in licences in The
Commonwealth of The Bahamas is pleased to announce that the
resolution put to shareholders at the Extraordinary General Meeting
held earlier today was duly passed.
As a result, the Company will issue 170,000,000 new Ordinary
Shares of 0.002p ("Ordinary Shares"), inclusive of the
participation of the Board and Management (20,000,000 Ordinary
Shares), raising GBP1.7 million, being the conditional tranche of
the previously announced Placing. The new shares will be admitted
to trading on or about 19 July 2017.
When coupled with the firm placing of GBP1.1 million comprising
110,000,000 new Ordinary Shares admitted to trading on 21 June
2017, the total raised in the Placing will amount to GBP2.8 million
before expenses through the issue of 280,000,000 new Ordinary
Shares at a price of 1 pence each. Proceeds of the Placing will be
used to fund the Company as it seeks to complete a farm-in or other
financing sufficient to enable drilling of an exploration well on
the Company's southern licences.
Once the new shares are placed on or about 19 July 2017, the
Company's issued share capital will consist of 1,510,479,096
Ordinary Shares, with each Ordinary Share carrying the right to one
vote. The Company does not hold any Ordinary Shares in treasury.
The figure of 1,510,479,096 Ordinary Shares may be used by
shareholders in the Company, as the denominator for the
calculations 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 under the FCA's Disclosure Guidance
and Transparency Rules ("DTRs").
Ends
For further information, please contact:
Bahamas Petroleum Company plc Tel: +44 (0)
Simon Potter, Chief Executive 1624 647 882
Officer
Strand Hanson Limited - Nomad Tel: +44 (0)
Rory Murphy / James Spinney 20 7409 3494
Shore Capital Stockbrokers Limited Tel: +44 (0)
- Broker 207 408 4090
Jerry Keen / Toby Gibbs
CAMARCO Tel: +44 (0)
Billy Clegg / Gordon Poole / 20 3757 4983
James Crothers
Notes to editors:
Bahamas Petroleum Company is an oil and gas exploration company
with 100% owned offshore licences exclusively focused on the
Commonwealth of The Bahamas. The Company has significant
prospective resources, which have been de-risked through both
extensive 2D and 3D seismic. The four Southern Licences, with a
newly agreed well obligation date of April 2017, run until 2Q 2018
when the licences may be renewed a further two times. The Company
is intent on delivering safe and environmentally responsible
exploration.
www.bpcplc.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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