REG - Upland Resources Ltd - Strategic Investor Share Purchases

Upland ResourcesAnnouncement

28/05/2024 07:00

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RNS Number : 9493P  Upland Resources Limited  28 May 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.

28(th) May 2024

 

UPLAND RESOURCES LIMITED

("Upland" or the "Company")

 

 

Strategic Investor Share Purchases

 

Upland Resources Limited (LSE: UPL), is pleased to announce that two of our
strategic Malaysian investors have requested to participate in an equity
Subscription at 3.3 pence for 16,090,060 new ordinary shares in aggregate.

This follows on from the Company's announcement on 26 April 2024 of the
Placing of new ordinary shares that has raised £3,198,591 million at the same
price. This Placing was over-subscribed. With due consideration the Board of
the Company has decided to accept the extra Placing requests.

The extra Subscription will add a further £530,972 to the Placing.

The net proceeds of the Subscription will provide the Company with additional
working capital to support its immediate business plans in Malaysia.

Strategic Investors

The Company's focus is now entirely on Sarawak so we are delighted that one of
our largest Malaysian shareholders has decided to increase his holding in the
Company. We are also pleased to welcome another strategic Malaysian investor.

M N B Zakaria, in aggregate between the Placing and this extra Subscription,
has added 60,606,060 ordinary shares to his existing holding of 125,674,475.

K Meranun, a major shareholder and director in Tune Assets Limited one the
Company's largest shareholders, has subscribed to 10,000,000 shares.

M N B Zakaria & M Meranun are both highly regarded in Malaysia and can
facilitate significant strategic opportunities for the Company.

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
to be on or around June 3(rd)  2024.

 

Total Voting Rights

Following the Subscription, the Company's total number of Ordinary Shares in
issue will be 1,324,448,129 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.

**ENDS**

For further information, please contact:

 

 Upland Resources Limited            Tel: +60 198  861919

 Bolhassan Di                        bolhassan@uplandbigoil.com.my (mailto:bolhassan@uplandbigoil.com.my)

 Chairman and CEO                    gerry.murray@upland.energy (mailto:gerry.murray@upland.energy)

 Gerry Murray COO                    albert.may@upland.energy

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

                                   vishal.balasingham (mailto:vishal.balasingham@optivasecurities.com)
 Vishal Balasingham                  @optivasecurities.com (mailto:vishal.balasingham@optivasecurities.com)

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

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

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

                                   h (mailto:henry.clarke@oak-securities.com) enry.clarke@oak-securities.com
 Dillon Anadkat                      (mailto:henry.clarke@oak-securities.com)

                                     dillon.anadkat@oak-securities.com

                                     www.oak-securities.com

 

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