REG - Upland Resources Ltd - Institutional Placing& Appointment of Joint Broker

Upland ResourcesAnnouncement

26/04/2024 16:45

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RNS Number : 2805M  Upland Resources Limited  26 April 2024

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN OR INTO
THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN.

This announcement is not an offer for sale, or a solicitation of an offer to
acquire, securities in any jurisdiction, including in or into the United
States, Canada, Australia, or Japan.  Neither this announcement nor any part
of it shall form the basis of or be relied on in connection with or act as an
inducement to enter into any contract or commitment whatsoever.

 

26(th) April 2024

UPLAND RESOURCES LIMITED (LSE:UPL)

("Upland" or the "Company")

 

INSTITUTIONAL PLACING & APPOINTMENT OF JOINT BROKER

The Company is pleased to announce the completion of an equity placing to
raise $4m ("the Placing"). The Placing was arranged and cornerstoned by OAK
Securities, who have also been appointed as Joint Broker to the Company.

The Placing has raised gross proceeds of $4 million ("the Proceeds") at a
price of 3.3 pence per new ordinary share ("Placing Price"). The net Proceeds
of the Placing will provide the Company with sufficient capital to support its
business plans, including drilling a well.

This follows the announcement by the Company on 22(nd) April that it has
signed an LOI on a potential Joint Venture with a strategic partner with
strong financial and technical capabilities, and that the Company has now
placed a deposit and signed a Rig Reservation Agreement with Huisman Geo BV,
on the LOC 400-6, New Generation compact rig with horizontal drilling and
completion capabilities.

Bolhassan Di, Upland Chairman and CEO commented:

"I am very pleased to welcome two respected institutional investors in the
natural resources sector onto our share register together with our new Joint
broker OAK Securities and the support of one of our largest strategic
shareholders.

This institutional investment supports our current operations and business
plan, including drilling a well. We look forward to updating the market on
developments over the coming weeks."

 

 

 

Admission

Admission of the new Ordinary Shares to the Official List (standard listing
segment) and to trading on the London Stock Exchange's Main Market is expected
by Monday 6(th) May.

 

Total Voting Rights

Following the Placing, the Company's total number of Ordinary Shares in issue
will be 1,308,358,069. This figure may be used by shareholders as the
denominator for the calculation to determine if they are required to notify
the Company of their interest in, or a change to their interest in, the
Company's securities in accordance with the FCA's Disclosure and Transparency
Rules.

 

For further information, please contact:

 Upland Resources Limited            Tel: +60 198  861919

 Bolhassan Di                        bolhassan@upland.energy (mailto:bolhassan@upland.energy)

                                   bolhassan@uplandbigoil.com.my (mailto:bolhassan@uplandbigoil.com.my)
 Chairman and CEO

                                     www.upland.energy (http://www.upland.energy)
 Optiva Securities - Joint Broker    Tel:  +44 (0)20 3137 1903

                                   christian.dennis@optivasecurities.com
 Christian Dennis                    (mailto:christian.dennis@optivasecurities.com)

                                     www.optivasecurities.com (http://www.optivasecurities.com)
 OAK Securities - Joint Broker       Tel: +44 (0)20 3973 3678

 Jerry Keen                          Jerry.keen@oak-securities.com (mailto:Jerry.keen@oak-securities.com)

 Henry Clarke                        Henry.clarke@oak-securities.com (mailto:Henry.clarke@oak-securities.com)

                                     www.oak-securities.com

 

OAK Securities is a Corporate Broker in the UK specialising in the natural
resources sector. The cornerstone investment was made by a Principle of OAK
Securities.

OAK Securities is a trading name of Merlin Partners LLP OC317265. Merlin
Partners is Authorised and Regulated by the Financial Conduct Authority:
449191.

Registered Office: 90 Jermyn Street, London SW1Y 6JD, United Kingdom.

 

**ENDS**

 

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