REG - Upland Resources Ltd - Strategic Investor Subscription

Upland ResourcesAnnouncement

09/09/2024 07:00

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RNS Number : 3250D  Upland Resources Limited  09 September 2024

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9(th) September 2024

 

UPLAND RESOURCES LIMITED

("Upland" or the "Company")

 

 

Strategic Investor Subscription

 

Upland Resources Limited (LSE: UPL), is pleased to announce that one of its
strategic Malaysian investors, K Meranun, has approached the company to
participate in an equity subscription at 1.4 pence for 42,857,142 new ordinary
shares in aggregate. This being a 12% premium to the closing price on Friday
6(th) September.

K Meranun, a major shareholder and director in Tune Assets Limited, one of the
Company's largest shareholders, has previously individually subscribed for
10,000,000 shares. K Meranun is highly regarded in Malaysia and his support is
of great value to the Company.

The net proceeds of the subscription will provide the Company with £600,000
of additional working capital to support its immediate business plans in
Sarawak.

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 September 18(th), 2024.

Total Voting Rights

Following the Subscription, the Company's total number of Ordinary Shares in
issue will be 1,369,805,271. 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            www.upland.energy (http://www.upland.energy)

 

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