REG - Borders & Southern - Result of Open Offer

Borders and Southern PetroleumAnnouncement

05/04/2022 07:00

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RNS Number : 2311H  Borders & Southern Petroleum plc  05 April 2022

5 April 2022

 

Borders & Southern Petroleum Plc

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

 

Result of Open Offer

 

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 69,156,914 new Ordinary Shares.

 

The Company is pleased to announce that the Open Offer was oversubscribed.
As a result, the Company has raised a total, including the Subscription, of
£1.35 million (US$1.8 million), before expenses, through the issue of a total
of 103,858,914 new Ordinary Shares. Due to the oversubscription, excess
applications under the Open Offer will be scaled back as set out in the
Company's circular dated 11 March 2022.

 

The issue of the Subscription Shares and the Open Offer Shares is conditional
on the passing of two Resolutions at the General Meeting tomorrow.  The
Company will announce the result of the General Meeting after it has
concluded.

 

Unless otherwise defined, capitalised 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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