Reabold Resources PLC Update on Equity Exchange with Daybreak Oil & Gas (9810J)
May 03 2022 - 2:01AM
UK Regulatory
TIDMRBD
RNS Number : 9810J
Reabold Resources PLC
03 May 2022
3 May 2022
Reabold Resources plc
("Reabold" or the "Company")
Update on Equity Exchange with Daybreak Oil and Gas
Reabold, the AIM investing company which focuses on investments
in upstream oil and gas projects, notes that, further to the
planned Equity Exchange Agreement with Daybreak Oil and Gas
("Daybreak"), as announced by the Company on 21 October 2021 and 25
February 2022, Daybreak has announced that a Special Shareholder
Meeting to vote on the transaction will take place on 20 May
2022.
Whilst this date falls after the extended long stop date for
transaction of 29 April 2022, the equity exchange agreement will
remain in place with completion, subject to approval at the
shareholder meeting, and subject to Daybreak's raising of a minimum
of $2.5 million via an equity raise, occurring at this time.
Upon completion of the Transaction, Reabold California will
become a wholly-owned subsidiary of Daybreak, which, in exchange,
will issue up to 160,964,489 Daybreak shares to Gaelic Resources
Limited, a Company wholly-owned by Reabold. Consequently, Reabold
will hold up to 46.5 per cent. of Daybreak's share capital as
enlarged by the completion of the Transaction.
Unless defined in this announcement, defined terms used in this
announcement have the same meaning as set out in the Company's
announcement of 21 October 2021.
For further information, contact:
Reabold Resources plc c/o Camarco
Sachin Oza +44 (0) 20 3757
Stephen Williams 4980
Strand Hanson Limited - Nominated &
Financial Adviser +44 (0) 20 7409
James Spinney 3494
Rory Murphy
James Dance
Stifel Nicolaus Europe Limited - Joint
Broker +44 (0) 20 7710
Callum Stewart 7600
Simon Mensley
Ashton Clanfield
Panmure Gordon - Joint Broker
Hugh Rich +44 (0) 207 886
Nick Lovering 2733
Camarco
James Crothers
Billy Clegg +44 (0) 20 3757
Rebecca Waterworth 4980
Notes to Editors
Reabold Resources plc is an investing company investing in the
exploration and production ("E&P") sector. The Company's
investing policy is to acquire direct and indirect interests in
exploration and producing projects and assets in the natural
resources sector, and consideration is currently given to
investment opportunities anywhere in the world.
As an investor in upstream oil & gas projects, Reabold aims
to create value from each project by investing in undervalued,
low-risk, near-term upstream oil & gas projects and by
identifying a clear exit plan prior to investment.
Reabold's long term strategy is to re-invest capital made
through its investments into larger projects in order to grow the
Company. Reabold aims to gain exposure to assets with limited
downside and high potential upside, capitalising on the value
created between the entry stage and exit point of its projects. The
Company invests in projects that have limited correlation to the
oil price.
Reabold has a highly-experienced management team, who possess
the necessary background, knowledge and contacts to carry out the
Company's strategy.
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END
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