Mosman Oil and Gas Limited GEM International Resources Update (1828Y)
December 30 2019 - 2:00AM
UK Regulatory
TIDMMSMN
RNS Number : 1828Y
Mosman Oil and Gas Limited
30 December 2019
30 December 2019
Mosman Oil and Gas Limited
("Mosman" or the "Company")
GEM International Resources Inc ("GEM")
Mosman Oil and Gas Limited (AIM: MSMN) the oil exploration,
development and production company, provides an update on its'
investment in GEM.
Further to the update announced on 1 November 2019, Mosman
confirms GEM has raised new capital by issuing 8 million shares at
CAD 5 cents per share. GEM has also undertaken a debt for equity
swap for CAD 270,500. GEM will now continue with its objective of
securing an interest in a new project.
As part of these activities, Mosman confirms that it has
completed the capitalisation of CAD 50,000 of its existing loan as
part of the debt for equity swap undertaken by GEM, and as a result
owns c1,760,000 shares in GEM (c 9%).
The remaining loan of c CAD 50,000 has been repayed to Mosman by
GEM.
Mosman is encouraged by this development and looks forward to
the next step in GEM's revitalisation.
John W. Barr, Executive Chairman of Mosman, currently acts as
interim CEO of GEM and following the issue of new capital in GEM
and the debt/equity swap is expected to control a c.7% interest in
GEM. While GEM is not classed as a related party of Mosman under
the AIM Rules, Mr.Barr has recused himself from Mosman's decision
to capitalise part of its existing loan to GEM.
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this
announcement.
Enquiries:
Mosman Oil & Gas Limited NOMAD and Broker
John W Barr, Executive Chairman SP Angel Corporate Finance LLP
Andy Carroll, Technical Director Stuart Gledhill / Richard Hail
jwbarr@mosmanoilandgas.com / Soltan Tagiev
acarroll@mosmanoilandgas.com +44 (0) 20 3470 0470
Alma PR
Justine James
+44 (0) 20 3405 0205
+44 (0) 7525 324431
mosman@almapr.co.uk
Updates on the Company's activities are regularly posted on its
website: www.mosmanoilandgas.com
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END
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