Business
GEM International Resources Update
GEM International Resources Update.
About this update from Quantum Helium Limited
[{"type":"text","content":"\n \nRNS Number : 1828Y Mosman Oil and Gas Limited 30 December 2019 \n\n \n \n30 December 2019\n \nMosman Oil and Gas Limited\n(\"Mosman\" or the \"Company\")\n \n \nGEM International Resources Inc (\"GEM\")\n \nMosman Oil and Gas Limited (AIM: MSMN) the oil exploration, development and production company, provides an update on its' investment in GEM.\n \nFurther to the update announced on 1 November 2019, Mosman confirms GEM has raised new capital by issuing 8 million shares at CAD 5 cents per share. GEM has also undertaken a debt for equity swap for CAD 270,500. GEM will now continue with its objective of securing an interest in a new project.\n \nAs part of these activities, Mosman confirms that it has completed the capitalisation of CAD 50,000 of its existing loan as part of the debt for equity swap undertaken by GEM, and as a result owns c1,760,000 shares in GEM (c 9%).\n \nThe remaining loan of c CAD 50,000 has been repayed to Mosman by GEM.\n \nMosman is encouraged by this development and looks forward to the next step in GEM's revitalisation.\n \nJohn W. Barr, Executive Chairman of Mosman, currently acts as interim CEO of GEM and following the issue of new capital in GEM and the debt/equity swap is expected to control a c.7% interest in GEM. While GEM is not classed as a related party of Mosman under the AIM Rules, Mr.Barr has recused himself from Mosman's decision to capitalise part of its existing loan to GEM.\n \nMarket Abuse Regulation (MAR) Disclosure\nCertain 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.\n \n \nEnquiries:\n \n\n\n\nMosman Oil & Gas Limited\nJohn W Barr, Executive Chairman\nAndy Carroll, Technical Director\[email protected] \[email protected]\n \n\n\nNOMAD and Broker\nSP Angel Corporate Finance LLP\nStuart Gledhill / Richard Hail / Soltan Tagiev\n+44 (0) 20 3470 0470\n \n\n\n\n\nAlma PR\nJustine James \n+44 (0) 20 3405 0205\n+44 (0) 7525 324431\[email protected]\n \n \n\n\n\n\n\n\nUpdates on the Company's activities are regularly posted on its website: www.mosmanoilandgas.com \n \n\nThis information is provided by RNS, the ...