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

Reabold ResourcesAnnouncement

03/05/2022 07:00

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RNS Number : 9810J  Reabold Resources PLC  03 May 2022

3 May 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, notes that, further to the planned Equity Exchange
Agreement with Daybreak Oil and Gas ("Daybreak"), as announced by the Company
on 21 October 2021 and 25 February 2022, Daybreak has announced that a Special
Shareholder Meeting to vote on the transaction will take place on 20 May 2022.

 

Whilst this date falls after the extended long stop date for transaction of 29
April 2022, the equity exchange agreement will remain in place with
completion, subject to approval at the shareholder meeting, and subject to
Daybreak's raising of a minimum of $2.5 million via an equity raise, occurring
at this time.

 

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.

 

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

 Nick Lovering

 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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