REG - Petrel Resources PLC - Update on Non-Receipt of Funds

Petrel ResourcesAnnouncement

08/01/2020 07:05

RNS Number : 0651Z
Petrel Resources PLC
08 January 2020
 


                                                                                      
 
                                                                                        
                                                                                         
 
 
                                                                                            
 
 
8th January 2020
 
Petrel Resources plc
("Petrel" or "the Company")
 
Update on Non-Receipt of Funds
 
 
Further to the 21 November 2019 EGM, the directors of Petrel Resources plc wish to update shareholders that payment for the second tranche of shares to the "Tamraz group", expected by 6th January 2020, has not yet been received.  The shares have been issued and allotted, but not yet delivered in the form of share certificates to the intended shareholders.  These certificates are being retained by Petrel Resources plc until payment is received.
 
Separately, the directors believe from their recent analysis of the Register that circa 4 million shares may have been sold over recent days in a possible breach of a lock-in entered into by the Tamraz group over their existing holdings of shares previously subscribed as a condition of the second tranche.
 
Petrel Resources plc is urgently seeking an explanation of both matters from the Tamraz group and reminding the parties concerned of their lock-in obligations, and an early resolution in the best interests of shareholders. As soon as there is anything further to report, a further announcement will be made.
 
 
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014. The person who arranged for the release of this announcement on behalf of the Company was Jim Finn, Secretary.
 
A copy of this announcement is available on the Company's website, at http://www.petrelresources.com/  or contact:
 
 
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Enquiries:
 



Petrel Resources








John Teeling, Chairman


+353 (0) 1 833 2833




David Horgan, Director


















Nominated Adviser and Broker








Beaumont Cornish - Nominated Adviser 

Felicity Geidt
Roland Cornish
 




+44 (0) 020 7628 3396




Novum Securities Limited - Broker 

Colin Rowbury


 
+44 (0) 20 399 9400
 














Blytheweigh - PR

Megan Ray

Madeleine Gordon-Foxwell 
 


+44 (0) 20 7138 3206
 














Teneo
Luke Hogg
Alan Tyrrell


 
+353 (0) 1 661 4055
+353 (0) 1 661 4055



 
 




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