RNS Number : 4948J
Mosman Oil and Gas Limited
22 December 2020
 

 

 

22 December 2020

 

Mosman Oil and Gas Limited

("Mosman" or the "Company")

 

Results of 2020 AGM and

Issue of Shares and Warrants to settle outstanding Director liabilities

 

Mosman Oil and Gas Limited (AIM: MSMN) advises that all resolutions put to shareholders at the Annual General Meeting, held earlier today in Sydney, Australia, were duly passed.

 

The Resolutions included one for the reappointment of Mr John Young as a Director, and six dealing with the issue of shares and warrants to Directors to satisfy amounts outstanding that were deferred due to impact of the COVID-19 Pandemic.

 

The passing of the resolutions removes AUD225,000 in debt from the balance sheet, and therefore increases working capital by a similar amount. Directors abstained from voting on these six resolutions in accordance with governance requirements and Australian Corporate requirements.

 

Proxy Summary:

 

Resolution Number

Total Proxies Received

Voting in Favour

Voting Against

Abstaining

Resolution 1

236,534,605

236,434,605

-

100,000

Resolution 2

236,534,605

183,408,104

-

53,126,501

Resolution 3

236,534,605

183,408,104

-

53,126,501

Resolution 4

236,534,605

183,408,104

-

53,126,501

Resolution 5

236,534,605

183,408,104

-

53,126,501

Resolution 6

236,534,605

183,408,104

-

53,126,501

Resolution 7

236,534,605

183,408,104

-

53,126,501

 

                           

Details of the Issue of Shares

 

As set out in the Notice of meeting, shares and warrants have been issued to the three Directors of the Company to satisfy outstanding Directors and consulting fees that were not paid while cash outgoings were minimised during the pandemic.

 

A total of 104,452,084 shares ("New Shares") and 104,452,084 warrants were issued to Directors or their nominees. This comprised:

 

Director

New Shares to be Issued

Total Shares Held

New Warrants to be Issued

Total Warrants Held

J W Barr

52,254,583

82,354,584

52,254,5831

52,254,583

A R Carroll

41,780,834

63,657,334

41,780,8342

41,780,834

J A Young

10,416,667

11,466,667

10,416,6673

10,416,667

Total

104,452,084

157,478,585

104,452,084

104,452,084

 

1.     20,833,333 warrants have an exercise price of 0.23p and 31,421,250 warrants have an exercise price of 0.15p. All warrants have a term of 12 months from date of issue.

2.     20,833,334 warrants have an exercise price of 0.23p and 20,947,500 warrants have an exercise price of 0.15p. All warrants have a term of 12 months from date of issue.

3.     10,416,667 warrants have an exercise price of 0.23p. All warrants have a term of 12 months from date of issue.

 

 

The issue shares and warrants to three Directors of the Company will satisfy outstanding Directors and consulting fees that were not paid while cash outgoings were minimised during the pandemic.

 

Admission to AIM and Total Voting Rights

 

The issue is conditional on, inter alia, the Issue Shares and Warrants being admitted to trading on AIM.  Application will be made to the London Stock Exchange for the New Shares, which will rank pari passu with the Company's existing issued ordinary shares, to be admitted to trading on AIM and dealings are expected to commence at 8:00 a.m. on or about 30 December 2020.

 

Following the issue of the New Shares, the Company's share and total voting rights will comprise 2,599,013,052 Ordinary Shares of no par value and the Company does not hold any shares in treasury

 

Consequently, the above figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Company's Constitution.

 

 

Market Abuse Regulation (MAR) Disclosure

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

 

 

Enquiries:

 

Mosman Oil & Gas Limited

John W Barr, Executive Chairman

Andy Carroll, Technical Director

jwbarr@mosmanoilandgas.com

acarroll@mosmanoilandgas.com

 

NOMAD and Joint Broker

SP Angel Corporate Finance LLP

Stuart Gledhill / Richard Hail / Adam Cowl

+44 (0) 20 3470 0470

 

Alma PR

Justine James

+44 (0) 20 3405 0205

+44 (0) 7525 324431

mosman@almapr.co.uk

Joint Broker

Monecor (London) Ltd

trading as ETX Capital

Thomas Smith

+44 (0) 20 7392 1432

 

 

 

Updates on the Company's activities are regularly posted on its website: www.mosmanoilandgas.com 

 

Updates on the Company's activities are regularly posted on its website

www.mosmanoilandgas.com

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
RAGTTBRTMTATMAM