REG - Reabold Resources - Completion of Equity Exchange Agreement

Reabold ResourcesAnnouncement

26/05/2022 07:00

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RNS Number : 8475M  Reabold Resources PLC  26 May 2022

26 May 2022

 

Reabold Resources plc

 

("Reabold" or the "Company")

 

Reabold California - Completion of Equity Exchange Agreement

 

Reabold, the AIM quoted investing company, which focuses on investments in
upstream oil and gas projects, is pleased to announce that, further to the
meeting of shareholders in Daybreak Oil and Gas Inc ("Daybreak"), which
approved the Transaction, all conditions precedent have now been satisfied for
the completion of the Equity Exchange Agreement, which was initially announced
by the Company on 21 October 2021.

Reabold California LLC, Reabold's subsidiary which holds, inter alia,
Reabold's licence interests in California, has now become a wholly owned
subsidiary of Daybreak, which, in exchange, has issued 160,964,489 Daybreak
shares (the "Consideration Shares") to Gaelic Resources Limited, a wholly
owned subsidiary of Reabold. Reabold now owns 42 per cent. of Daybreak's share
capital, as enlarged by the completion of the Transaction.

 

Unless defined in this announcement, defined terms used in this announcement
have the same meaning as set out in the Company's announcement of 21 October
2021.

 

 

For further information, contact:

 

 Reabold Resources plc                                  c/o Camarco

 Sachin Oza                                             +44 (0) 20 3757 4980

 Stephen Williams

 Strand Hanson Limited - Nomad & Financial Adviser      +44 (0) 20 7409 3494

 James Spinney

 Rory Murphy

 James Dance

 Stifel Nicolaus Europe Limited - Joint Broker          +44 (0) 20 7710 7600

 Callum Stewart

 Simon Mensley

 Ashton Clanfield

 Panmure Gordon - Joint Broker                          +44 (0) 207 886 2733

 Hugh Rich

 Camarco                                                +44 (0) 20 3757 4980

 James Crothers

 Rebecca Waterworth

 Billy Clegg

 

 

Notes to Editors

 

Reabold Resources plc is an investing company investing in the exploration and
production ("E&P") sector. The Company's investing policy is to acquire
direct and indirect interests in exploration and producing projects and assets
in the natural resources sector, and consideration is currently given to
investment opportunities anywhere in the world.

 

As an investor in upstream oil & gas projects, Reabold aims to create
value from each project by investing in undervalued, low-risk, near-term
upstream oil & gas projects and by identifying a clear exit plan prior to
investment.

 

Reabold's long term strategy is to re-invest capital made through its
investments into larger projects in order to grow the Company. Reabold aims to
gain exposure to assets with limited downside and high potential upside,
capitalising on the value created between the entry stage and exit point of
its projects. The Company invests in projects that have limited correlation to
the oil price.

 

Reabold has a highly-experienced management team, who possess the necessary
background, knowledge and contacts to carry out the Company's strategy.

 

 

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