REG - Borders & Southern - Result of General Meeting & Total Voting Rights

Borders and Southern PetroleumAnnouncement

04/01/2023 13:15

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RNS Number : 6912L  Borders & Southern Petroleum plc  04 January 2023

4 January 2023

 

Borders & Southern Petroleum Plc

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

 

Result of General Meeting

Total Voting Rights

 

On 30 November 2022, Borders & Southern Petroleum plc (AIM: BOR),
the London based independent oil and gas exploration company with assets
offshore the Falkland Islands, announced that the Company had raised £1.85
million by way of a firm placing for 105,714,281 new Ordinary Shares at
1.75p/share (the "Issue Price").  The Company also announced that it had
raised £0.3 million through a conditional placing of 17,142,857 new Ordinary
Shares (the "Conditional Placing Shares") at the Issue Price (the "Conditional
Placing") and £0.35 million through a conditional subscription direct with
the Company by Harry Dobson, the Company's Non-Executive Chairman, of
20,000,000 new Ordinary Shares (the "Conditional Subscription Shares") at the
Issue Price (the "Conditional Subscription").

 

The Conditional Placing and the Conditional Subscription were 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 Conditional Placing Shares and the
Conditional Subscription Shares to be admitted to trading on AIM ("Admission")
which is expected to take place on 5 January 2023.

 

Following Admission of the Conditional Placing Shares and the Conditional
Subscription Shares, which rank pari passu to the existing Ordinary Shares in
the capital of the Company, the Company will have 730,814,456 Ordinary Shares
in issue, all of which have voting rights. Accordingly, this figure of
730,814,456 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 December 2024.

 

Unless otherwise defined, capitalized terms used in this announcement have the
same meanings as given to them in the Company's circular dated 8 December
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 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 (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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