REG - Reabold Resources - Update on Equity Exchange with Daybreak Oil & Gas

Reabold ResourcesAnnouncement

25/02/2022 07:16

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RNS Number : 7882C  Reabold Resources PLC  25 February 2022

25 February 2022

 

Reabold Resources plc

 

("Reabold" or the "Company")

 

Update on Equity Exchange with Daybreak Oil and Gas

 

Reabold, the AIM investing company which focuses on investments in upstream
oil and gas projects, announces that, further to its announcement of 21
October 2021, the longstop date of the equity exchange agreement with Daybreak
Oil and Gas Inc. ("Daybreak"), a US OTC traded oil and gas operator with
assets in California (the "Transaction"), has been extended by mutual consent
to 29 April 2022.

 

The Transaction will result in Reabold becoming a major shareholder of
Daybreak via the issuance of new Daybreak shares to Reabold, in exchange for
Daybreak acquiring Reabold California LLC ("Reabold California"), Reabold's
subsidiary which holds, inter alia, Reabold's licence interests in
California.

 

Upon completion of the Transaction, Reabold California will become a
wholly-owned subsidiary of Daybreak, which, in exchange, will issue up to
160,964,489 Daybreak shares to Gaelic Resources Limited, a Company
wholly-owned by Reabold. Consequently, Reabold will hold up to 46.5 per cent.
of Daybreak's share capital as enlarged by the completion of the Transaction.

 

 

 

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

 Nick Lovering

 Camarco                                                    +44 (0) 20 3757 4980

 James Crothers

 Billy Clegg

 Rebecca Waterworth

 

 

 

About Daybreak

 

Daybreak Oil and Gas, Inc. is an independent oil and natural gas company
currently engaged in the exploration, development and production of onshore
oil and natural gas in the United States.  It is headquartered in Spokane,
Washington with an operations office in Friendswood, Texas.  Daybreak owns a
3-D seismic survey that encompasses 20,000 acres over 32 square miles with
approximately 6,500 acres under lease in the San Joaquin Valley of California
and operates production from 20 oil wells in our East Slopes project area in
Kern County, California.

 

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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