REG - Borders & Southern - Posting of Circular and Notice of General Meeting

Borders and Southern PetroleumAnnouncement

09/12/2022 07:00

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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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