Business
Conditional Placing and Notice of GM
Conditional Placing and Notice of GM.
About this update from Prospex Energy Plc
[{"type":"text","content":"\n \nRNS Number : 9174V Prospex Oil and Gas PLC 02 February 2017 \n\nProspex Oil and Gas Plc / Index: AIM / Epic: PXOG / Sector: Oil and Gas\n2 February 2017\nProspex Oil and Gas Plc \n('Prospex' or the 'Company') \n \nConditional Placing to Raise £850,000 and Notice of GM\n \nProspex Oil and Gas Plc, the AIM quoted investment company, is pleased to announce that, subject to shareholder approval, including in respect of a share capital reorganisation, it has conditionally raised £850,000 gross via an oversubscribed placing of 170 million new ordinary shares of £0.001 each (as reorganised by the share capital reorganisation) (\"New Ordinary Shares\") at a price of 0.5 pence per New Ordinary Share (the 'Placing Price') (the 'Conditional Placing'). \n \nThe net proceeds of the Conditional Placing will go towards the Company's ongoing evaluation of a number of potential projects, in line with its strategy to build a portfolio of investments in the European oil and gas sector, and be used for general working capital purposes. \n \nAs the Placing Price is below the Company's current nominal value of £0.01 per ordinary share ('Existing Ordinary Shares'), the Company is required, in order to complete the Conditional Placing, to reorganise its share capital so that it can raise equity capital above the reorganised nominal value. This will require shareholder consent at a General Meeting ('GM'), which it is proposed will be held at 9.30a.m. on 20 February 2017 at the offices of Charles Russell Speechlys LLP, 5 Fleet Place, London, EC4M 7RD. A circular together with notice convening the GM will be sent to shareholders shortly and will be available to download from the Company's website at www.prospexoilandgas.com.\n \nProspex Non-executive Chairman, Bill Smith, said \n \n\"We view the oversubscribed Conditional Placing with new and existing shareholders as a vote of confidence in management's ability to identify, secure and rapidly advance attractive investment opportunities in the oil and gas sector. As our overheads are low, the majority of the funds raised will go towards delivering on our objective of building Prospex into a leading oil and gas investment company with a portfolio of interests in high impact projects.&...