Business
Exercise of Options
Exercise of Options.
About this update from Petro Matad Limited
[{"type":"text","content":"\n RNS Number : 6341P Petro Matad Limited 20 July 2010 \n \n\n \nPetro Matad Limited - \"Petro Matad\" or the \"Company\"\n \nIssue of Equity\n \nHolding(s) in Company\n \nExercise of Options\n \nThe Company has received notification from Petrovis LLC (\"Petrovis\") of its instruction to issue to Petrovis 2,000,000 ordinary shares (the \"Petrovis New Shares\") in settlement of an outstanding trade liability. The outstanding liability is payable, at the election of Petrovis, in either cash or ordinary shares. The liabilities relate to fees pursuant to a Services Agreement dated 19 June 2009 whereby Petrovis provided services to the Company, including assistance with fund raisings and expansion activities. The Services Agreement stipulated a fee of either £280,000 or 2,000,0000 ordinary shares.\n \nPetrovis has requested that the Petrovis New Shares be allotted as specified below:\n \n\n\n\n\nPetrovis\n\n\n1,167,000\n\n\n\n\nForestberries LLC\n\n\n683,000\n\n\n\n\nMs Davaanyam Enkhchimeg\n\n\n150,000\n\n\n\n\n \nMs Davaanyam Enkhchimeg is also a director of Petro Matad.\n \nThe Petrovis New Shares will rank pari passu with the existing ordinary shares of the Company. Application has been made for the Petrovis New Shares to be admitted to trading on AIM and this is envisaged to occur on 26 July 2010.\n \nPetro Matad has also been notified that Petrovis LLC has transferred a total of 17,317,000 ordinary shares in the Company to certain of Petrovis LLC's shareholders and directors, including Ms Davaanyam Enkhchimeg.\n \nPetro Matad also announces that following the exercise of options by its nominated adviser Westhouse Securities Limited over 966,800 ordinary shares (the \"Westhouse New Shares\"). These options were exercisable at US$0.75 cents per ordinary share. \n \nThe Westhouse New Shares will also rank pari passu with the existing ordinary shares of the Company. Application has been made for the Westhouse New Shares to be admitted to trading on AIM and this is envisaged to occur on 26 July 2010.\n \nFollowing the issue of the Petrovis New Shares and the Westhouse New Shares, there will be 156,701,446 ordinary shares in issue.\n \nPetro Matad has also been notified that Mr. Douglas McGay's interest in Petro Matad's ordinary ...