REG - Borders & Southern - Result of General Meeting and TVR

Borders and Southern PetroleumAnnouncement

06/04/2022 11:30

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RNS Number : 4757H  Borders & Southern Petroleum plc  06 April 2022

6 April 2022

 

Borders & Southern Petroleum Plc

("Borders & Southern" or the "Company")

 

      Result of General Meeting and TVR

 

On 4 March 2022, Borders & Southern Petroleum plc (AIM: BOR.L announced
that the Company had conditionally raised US$600,000 by way of a
Subscription for 34,702,000 new Ordinary Shares. The Company also announced an
Open Offer to existing shareholders to raise up to US$1.2 million through the
issue of up to 69,156,926 new ordinary shares.  As per the announcement
yesterday, the Open Offer has resulted in £1.35 million (US1.8 million) being
raised through the issue of 103,858,914 new Ordinary Shares.

 

The Fundraising was conditional on the passing of two Resolutions at a
General Meeting.  The Company is pleased to announce that the General Meeting
was held today in London and all Resolutions were duly passed by Shareholders.

 

Application has been made for the Subscription Shares and the Open Offer
Shares to be admitted to trading on AIM ("Admission") and Admission is
expected to take place on 7 April 2022.

 

Following Admission of the Subscription Shares and Open Offer Shares, which
rank pari passu to the Existing Ordinary Shares, the Company will have
587,957,318 ordinary shares of 1p each Ordinary Shares in issue, all of which
have voting rights. Accordingly, this figure of 587,957,318 Ordinary Shares
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.

 

Subject to Admission, all conditions associated with the Fundraise have now
been satisfied and the net proceeds of the Fundraise, together with the
Company's existing cash resources, will provide the Company with working
capital until at least 31 January 2023.

 

Unless otherwise defined, capitalized terms have the same meaning as per the
Company's circular dated 11 March 2022.

 

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 & Financial Adviser and Joint Broker)

 Ritchie Balmer / James Bellman

 Tel: 020 7409 3494

 Auctus Advisors LLP (Joint Broker)

 Jonathan Wright

 Tel: 07711 627449

 Tavistock (Financial PR)

 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
2,862 km of 2D seismic, 1,492 square kilometres of 3D seismic and drilled two
exploration wells, making a gas condensate discovery with its first well.

 

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