Business
Share Placement
Share Placement.
About this update from Quantum Helium Limited
[{"type":"text","content":"\n\n13 July 2023\n \n \nMosman Oil and Gas Limited\n(\"Mosman\" or the \"Company\")\n \nShare Placement\n \nMosman Oil and Gas Limited (AIM: MSMN) the oil exploration, development, and production company, advises that it has today raised £300,000 (before expenses) by way of a placing of new shares.\n \nPlacing Details\n \nThe Company has raised £300,000 (before expenses) by way of a placing of 857,142,857 new ordinary shares of no-par value in the capital of the Company (\"Placing Shares\") through CMC Markets UK Plc, at a placing price of 0.035p per share (the \"Placing Price\") (the \"Placing\"). Each two shares will have an attached warrant exercisable at 0.07p per exercisable within two years of the date of issue of the shares.\n \nFunding and Use of Proceeds\n \nMosman continues to vigorously pursue its clearly stated objectives.\n \nConsiderable time has been spent by management on the Cinnabar project in the USA where 1.646 million boe of Reserves has been established. Detailed reviews of existing and new data are now complete, and the plan is to proceed to optimise the current production from the three existing wells and then plan the next well which will be located on the recently leased acreage.\n \nEach existing well now has a sound forward plan that will require minor additional infrastructure and some workovers that is expected to occur over the next 90 days.\n \nIn Australia, progress continues on securing all required approvals in order to progress exploration activity at EP 145.\n \nMosman's wholly owned subsidiary, Adagio Resources Ltd, is now incorporated and planning for the potential IPO continues, prior to the final Board decision and placing the matter before shareholders.\n \nThe Company intends to use the proceeds of the placing and its current cash of cAUD $660k as at 30 June 2023 for the following:\n \n1. Management of EP 145 activities including soil and water sampling for hydrogen and helium; Central Land Council annual fees; and another Aboriginal Areas Protection Authority approval process fee required ahead of future seismic acquisition (subject to additional funding).\n2. Additional investment at Cinnabar to provide gas lift to optimise production at existing wells.\n3. Additional costs of workovers to optimise...