Bahamas Petroleum Company PLC Notice of AGM and Placing Update (5045J)
June 29 2017 - 2:01AM
UK Regulatory
TIDMBPC
RNS Number : 5045J
Bahamas Petroleum Company PLC
29 June 2017
29 June 2017
Bahamas Petroleum Company plc ("BPC" or the "Company")
Notice of Annual General Meeting ("AGM"), Posting of Annual
Report and Placing Update
Bahamas Petroleum Company, the oil and gas exploration company
with a significant prospective resource in licences in The
Commonwealth of The Bahamas gives the following notice and update
to shareholders.
Notice of AGM
Bahamas Petroleum Company plc announces that it will be holding
its AGM at midday on 23 August 2017, at IOMA House, Hope Street,
Douglas, Isle of Man, IM1 1AP. Notice of the AGM along with the
2016 Annual Report has today been sent to shareholders, copies of
which can be viewed on the Company's website at www.bpcplc.com.
Placing Update
The Company is pleased to advise that, further to the Placing
announced on 14 June 2017 (and as then defined), the firm placing
of GBP1.1 million comprising 110,000,000 new ordinary shares of
0.002p each ("Ordinary Shares") ("Firm Placing"), has now been
completed, with the new Ordinary Shares issued and admitted to
trading on 21 June 2017. The funds have been received by the
Company.
As a result, the Company's issued share capital now consists of
1,340,479,096 Ordinary Shares of 0.002p each ("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 1,340,479,096 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").
Shareholders are reminded that an Extraordinary General Meeting
("EGM") of the Company has been called for the purposes of
considering and, if thought fit, passing a resolution to enable the
issue of a further 170,000,000 new Ordinary Shares, inclusive of
the participation of the Board and Management (20,000,000 Ordinary
Shares), (the "Conditional Placing"), being the second tranche of
the previously announced Placing. A notice convening the EGM and
supporting documentation was sent to shareholders on 16 June 2017,
and is also available on the Company's website (www.bpcplc.com).
The EGM will be held at 11am on 14 July 2017 at the Company's
registered office at IOMA House, Hope Street, Douglas, Isle of Man,
IM1 1AP.
If the resolution to be considered at the EGM is passed, the
total raised in the Placing will amount to US$3.5 million (GBP2.8
million) before expenses, through a combination of the Firm Placing
and Conditional Placing, together representing 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.
The Directors consider the Placing to be in the best interests
of the Company and its Shareholders as a whole and accordingly
unanimously recommend Shareholders to vote in favour of the
resolutions to be proposed at the Extraordinary General Meeting as
they intend to do in respect of their beneficial holdings.
Shore Capital Stockbrokers Limited, ("Shore Capital"), has acted
as a broker for the Company for the purposes of the AIM Rules for
the placing.
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
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