REG - Mosman Oil & Gas - Notice of EGM

Mosman Oil and GasAnnouncement

08/01/2024 16:00

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RNS Number : 9959Y  Mosman Oil and Gas Limited  08 January 2024

8 January 2024

 

Mosman Oil and Gas Limited

("Mosman" or the "Company")

 

Notice of Extraordinary General Meeting

 

Mosman Oil and Gas Limited (AIM: MSMN) the hydrocarbon, helium and hydrogen
exploration, development and production company, announces that it is holding
an Extraordinary General Meeting (EGM) at 10am (AEDT) on 7 February 2024,
(11pm GMT on 6 February 2024) at 24-26 Kent Street, Millers Point NSW 2000,
Australia.

The purpose of the meeting is to finalise the participation of two Directors
alongside the Company's recent share placement as indicated in the Company's
announcement on 29 November 2023 ("Placing") as this requires shareholder
approval.

 

Ratification of Director Placement Participation

 

As set out in the formal Notice (which can be found on the Company's website),
the Company has convened this Extraordinary General Meeting with the sole
purpose of approving the participation of two Directors' alongside the
Company's most recent Placing which led to the receipt of £250,000
(AU$475,000) in new funds on the basis of a 0.125p p/share subscription price
with a 1:2 free attaching 2 year option with a 0.25p exercise price from
Placing participants sourced through the Company's banker.

The Company previously indicated that two Directors (Messrs Carroll and
Harvey) intended to support the Placing on the same terms as the Placing
participants on 29 November 2023 which would increase the size of the Placing
by £15,790 (AU$30,000) if approved by shareholders (the "Directors
Subscription").

 

Shareholder approval is required for Director participation in any capital
raising in order for the Company to comply with its statutory obligations
under the Corporations Act 2001 (Cth) in Australia.

 

It follows that there are two resolutions put forward in the EGM for
shareholder approval:

 

1.   Participation of Executive Director and CEO Andy Carroll to subscribe
for up to AU$20,000 (£10,526) alongside  the Placing (up to 84,210,526
shares and 42,105,263 free attaching Warrants);

2.   Participation of Non-Executive Chairman Mr Nigel Harvey to subscribe
for up to AU$10,000 (£5,264) alongside  the Placing (up to 42,105,263 shares
and 21,052,632 free attaching Warrants).

 

Related Party Transaction

As Andy Carroll and Nigel Harvey are Directors of the Company, they are
considered to be Related Parties of the Company as defined under the AIM Rules
for Companies (the "AIM Rules") and the proposed Director Subscriptions set
out above, are considered to be Related Party Transactions pursuant to Rule 13
of the AIM Rules.

Carl Dumbrell, being the Director independent from the Director Subscriptions,
considers, having consulted with the Company's Nominated Adviser, SP Angel
Corporate Finance LLP, that the proposed terms of the Director Subscriptions
are fair and reasonable insofar as the Company's Shareholders are concerned.

 

 

Market Abuse Regulation (MAR) Disclosure

 

The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulations
(EU) No. 596/2014 ('MAR') which has been incorporated into UK law by the
European Union (Withdrawal) Act 2018. Upon the publication of this
announcement via Regulatory Information Service ('RIS'), this information is
now considered to be in the public domain.

 

 

Enquiries:

 Mosman Oil & Gas Limited                                             NOMAD and Joint Broker

 Andy Carroll                                                         SP Angel Corporate Finance LLP

 Executive Director                                                   Stuart Gledhill / Richard Hail / Adam Cowl

 CEO                                                                  +44 (0) 20 3470 0470

 acarroll@mosmanoilandgas.com (mailto:acarroll@mosmanoilandgas.com)

 Shareholder Questions for General Meeting

 Subject: Attn Q&A

 info@mosmanoilandgas.com
 Alma                                                                 Joint Broker

 Justine James                                                        CMC Markets UK Plc

 +44 (0) 20 3405 0205                                                 Douglas Crippen

 +44 (0) 7525 324431                                                  +44 (0) 020 3003 8632

 mosman@almastrategic.com (mailto:mosman@almastrategic.com)

 

Updates on the Company's activities are regularly posted on its website:
www.mosmanoilandgas.com (http://www.mosmanoilandgas.com)

 

Notes to editors

Mosman (AIM: MSMN) is an oil exploration, development, and production company
with projects in the US and Australia. Mosman's strategic objectives remain
consistent: to identify opportunities which will provide operating cash flow
and have development upside, in conjunction with progressing exploration of
existing exploration permits. The Company has several projects in the US, in
addition to exploration projects in the Amadeus Basin in Central Australia.

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