Business
Issue of Equity to Fund Expansion
Issue of Equity to Fund Expansion.
About this update from Quantum Helium Limited
[{"type":"text","content":"\n \nRNS Number : 1681S Mosman Oil and Gas Limited 29 September 2017 \n\n \n29 September 2017\nMosman Oil and Gas Limited\n(\"Mosman\" or the \"Company\")\nIssue of Equity to Fund Expansion\nMosman Oil and Gas Limited (AIM: MSMN) the oil exploration, development and production company, announces the Company has raised £600,000 by way of a placing and subscription of 50,000,000 new ordinary shares of no par value in the capital of the Company (\"New Ordinary Shares\") at 1.2p per share by SP Angel Corporate Finance LLP (the \"Placing\").\n \nUse of Proceeds\nMosman's strategic objective continues to be that of identifying opportunities which will provide operating cash flow and have further development upside; in conjunction with adding value to the Company's existing exploration permits.\n \nThe Placing will allow Mosman to progress its growth strategy following the recent acquisition of three producing projects in the United States which demonstrate that the Company is moving forward effectively in achieving its objectives of building a significant production operation. \n \nThe proceeds of the Placing will accelerate the ongoing development of the existing US onshore oil production assets to increase production and cash flow, the potential acquisition of additional onshore production assets, for general corporate working capital purposes and for the ongoing costs associated with the review and due diligence on other acquisition opportunities that are currently being evaluated.\n \nJohn W. Barr, Executive Chairman, said: \"The Placing will provide funding to progress the growth in the operational side of our US onshore production acquisitions. Our growth strategy remains focused on identifying further opportunities like Strawn, Welch and Arkoma that can provide operating cash flow and have additional development upside, in conjunction with adding value to our existing exploration permits.\"\n \nDetails of the Placing\nThe Placing is conditional on, inter alia, the New Ordinary Shares in the capital of the Company (the \"Placing Shares\") being admitted to trading on AIM.\n \nAn application has been made to the London Stock Exchange for the Placing Shares, which will rank pari passu with the Company's existing issued Ordinary Shares, to be admitted to trading on AIM and dealin...