REG - Reabold Resources - Shareholder Approval Received for Equity Exchange

Reabold ResourcesAnnouncement

23/05/2022 07:00

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RNS Number : 3471M  Reabold Resources PLC  23 May 2022

23 May 2022

 

Reabold Resources plc

 

("Reabold" or the "Company")

 

 

Reabold California - Shareholder Approval Received for Equity Exchange

 

 

Reabold, the AIM quoted investing company which focuses on investments in
upstream oil and gas projects, is pleased to announce that at a Special
Shareholder Meeting for Daybreak Oil and Gas Inc. ("Daybreak"), Daybreak
shareholders voted to approve the Equity Exchange Agreement, as initially
announced by the Company on 21 October 2021.

 

Reabold California LLC ("Reabold California"), Reabold's subsidiary which
holds, inter alia, Reabold's licence interests in California, will become a
wholly owned subsidiary of Daybreak, which, in exchange, will issue up to
160,964,489 Daybreak shares (the "Consideration Shares") to Gaelic Resources
Limited, a wholly owned subsidiary of Reabold. Consequently, Reabold will
indirectly be interested in approximately 42 per cent. (subject to customary
adjustments) of Daybreak's share capital, as enlarged by the completion of the
Transaction. All material conditions precedent associated with the Transaction
have now been satisfied, and completion of the Transaction is expected to take
place this week, including the transfer of the Consideration Shares to
Reabold.

 

Sachin Oza, Co-CEO of Reabold, commented:

 

"With material production, favourable commodity pricing dynamics and multiple
organic growth opportunities available to it, Daybreak, combined with the
Reabold California portfolio, is now ideally positioned to capitalise on
opportunities in its core focus area of California.

 

"As a significant shareholder in the combined entity, we look forward to
seeing the full potential of Daybreak being unlocked, with a dedicated
management team with significant in-state expertise now leading the company
and focused on driving growth."

 

 

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 - Nominated & 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

 Billy Clegg

 Rebecca Waterworth

 

 

 

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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