Mercom Oil Sands Plc Issue of Equity (3979M)
May 06 2015 - 11:00AM
UK Regulatory
TIDMMMO
RNS Number : 3979M
Mercom Oil Sands Plc
06 May 2015
Mercom Oil Sands plc
("the Company")
Issue of equity
The Company announces that it has allotted a total of 3,034,886
New Ordinary Shares at 4.625p per share (being the mid-market
closing price at the close of business on 5 May 2015). Of these
shares, 440,291 New Ordinary Shares have been allotted to Patrick
Cross in settlement of director's fees and expenses of GBP20,363
for the period from 1 July 2014 to 30 April 2015 and 2,594,595 New
Ordinary Shares have been allotted to John Zorbas in settlement of
invoices totalling GBP120,000 in respect of his consultancy
contract with the Company, for the period 1 April 2014 to 31 March
2015 and are being settled in shares in order to preserve the
Company's cash resources ("the New Ordinary Shares").
The issue of the New Ordinary Shares is a related party
transaction under the AIM Rules. Kyle Appleby, the independent
director for the purposes of the AIM Rules, considers, having
consulted with Northland Capital Partners Limited, the Company's
nominated adviser, that the terms of the issue of the New Ordinary
Shares are fair and reasonable so far as the Company's shareholders
are concerned.
Application will be made for the New Ordinary Shares, which rank
pari passu with the Company's existing issued Ordinary Shares, to
be admitted to trading on AIM ("Admission"). Admission is expected
to take place on or around 12 May 2015.
Following the issue of the New Ordinary Shares, the Company's
issued share capital comprises 15,644,515 Ordinary Shares. There
are 200,036 Ordinary Shares in treasury. The total number of voting
rights in the Company is therefore 15,444,479. This figure 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 and
Transparency Rules.
Following the issue of the New Ordinary Shares, the interests of
the Directors in the enlarged issued share capital of the Company
will be as follows:
Ordinary New Ordinary Resultant Percentage
Shares Shares Ordinary of enlarged
held prior issued Shares issued
to issue held Ordinary
Shares
-------------- ------------ ------------- ---------- -------------
John Zorbas 4,000 2,594,595 2,598,595 16.6%
-------------- ------------ ------------- ---------- -------------
Patrick
Cross 466,666 440,291 906,957 5.8%
-------------- ------------ ------------- ---------- -------------
Kyle Appleby 470,666 0 470,666 3.0%
-------------- ------------ ------------- ---------- -------------
For further information, contact:
Mercom Oil Sands plc
John Zorbas 001 416 504 3978
Northland Capital Partners
Limited
Edward Hutton / Matthew
Johnson +44 (0) 20 7382 1100
This information is provided by RNS
The company news service from the London Stock Exchange
END
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