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RNS Number : 1277J Borders & Southern Petroleum plc 09 December 2022
THIS ANNOUNCEMENT, AND THE INFORMATION CONTAINED HEREIN, IS RESTRICTED AND IS
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR
INDIRECTLY, IN OR, INTO ANY MEMBER STATE OF THE EUROPEAN ECONOMIC AREA, THE
UNITED STATES (OR TO ANY U.S. PERSON), CANADA, JAPAN, AUSTRALIA, THE
REPUBLIC OF SOUTH AFRICA, OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD
CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT
JURISDICTION.
9 December 2022
Borders & Southern Petroleum plc
("Borders & Southern" or the "Company")
Posting of Circular and Notice of General Meeting
Borders & Southern (AIM: BOR), a London-based independent oil and gas
exploration company, is pleased to announce that, further to the Company's
announcement on 30 November 2022 regarding a part conditional fundraising of
£2.5 million, the Company has today posted a Circular to Shareholders
regarding the fundraising, which sets out a Notice of General Meeting, and a
Form of Proxy for the proposed resolutions. These documents will be available
on the Company's website as well.
Of the £2.5 million fundraising, £1.85 million was raised through a firm
placing of 105,714,281 Ordinary Shares at 1.75p per share (the "Issue Price")
and these shares were admitted to trading, and dealings in such shares
commenced, on 6 December 2022. A further £0.3 million has been raised
through a conditional placing of 17,142,857 Ordinary Shares at the Issue Price
and £0.35 million has been raised through a conditional subscription, direct
with the Company by Harry Dobson, the Company's Non-Executive Chairman, of
20,000,000 Ordinary Shares at the Issue Price. Both the conditional placing
and the conditional subscription are subject to the passing of resolutions at
the General Meeting and these resolutions are outlined in the Circular.
Shareholders are strongly encouraged to vote in favour of the resolutions.
Capitalised terms used in this announcement have the meanings given to them in
the Circular.
For further information please visit www.bordersandsouthern.com
(http://www.bordersandsouthern.com/) or contact:
Borders & Southern Petroleum plc
Howard Obee, Chief Executive
Tel: 020 7661 9348
Strand Hanson Limited (Nominated Adviser)
Ritchie Balmer / James Bellman
Tel: 020 7409 3494
SP Angel Corporate Finance LLP (Broker)
Richard Hail / Stuart Gledhill / Adam Cowl
Tel: 020 3470 0470
Tavistock (Investor Relations)
Simon Hudson / Nick Elwes
Tel: 020 7920 3150
Notes:
Borders & Southern Petroleum plc is an oil & gas exploration company
listed on the London Stock Exchange AIM (BOR). The Company operates and has a
100% interest in three Production Licences in the South Falkland Basin
covering an area of nearly 10,000 square kilometres. The Company has acquired
2,517 square kilometres of 3D seismic and drilled two exploration wells,
making a significant gas condensate discovery with its first well.
EXPECTED TIMETABLE OF PRINCIPAL EVENTS
Latest time and date for receipt of Forms of Proxy 11.00 a.m. on
2 January 2023
General Meeting 11.00 a.m. on
4 January 2023
Announcement of results of General Meeting following
General Meeting on
4 January 2023
Admission and dealings in the Second Placing Shares and the Subscription 8.00 a.m. on
Shares expected to commence on AIM
5 January 2023
Where applicable, expected date for CREST accounts to be credited in respect 5 January 2023
of Second Placing Shares and Subscription Shares in uncertificated form
Where applicable, expected date for dispatch of definitive share certificates within 10 Business Days of Admission
for New Ordinary Shares in certificated form
-ends-
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