Business
Placing, Directorate Change, Lifting of Suspension
Placing, Directorate Change, Lifting of Suspension.
About this update from Sunda Energy Plc
[{"type":"text","content":"\n \nRNS Number : 2503W Gold Oil PLC 24 January 2013 \n \n\n24 January 2013\n \nGold Oil PLC\n \n(\"Gold Oil\" or \"the Company\")\n \nPlacing, Appointment of New Director, Lifting of Suspension of Trading and Strategy Update\n \nGold Oil (AIM:GOO), an independent oil and gas exploration and production company focused on identifying oil and gas interests in Latin America, is pleased to announce:\n \n· that trading of the Company's ordinary shares of 0.025 pence each (\"Ordinary Shares\") on AIM is to resume today;\n· the Company has raised £2.085m, before expenses, by way of a placing of 278,000,000 new Ordinary Shares (\"Placing Shares\") at a subscription price of 0.75 pence per Placing Share (\"the Placing\");\n· that it has appointed William Colvin as an additional non-executive director of the Company with effect from today; and\n· a strategy update.\n \n \n1. Placing\n \nThe Placing Shares have been placed unconditionally, save as to their Admission. Application has been made for admission of the Placing Shares to trading on AIM and admission is expected to take place on or around 28 January 2013. \n \nThe net proceeds of the Placing will be used to strengthen the Company's balance sheet and for working capital (including the payment of creditors such as BGP (CNPC)). The remaining balance of the net proceeds will principally be used to consolidate Gold Oil's position in the Nancy Burdine field and for optimisation of the field.\n \nThe issue of the Placing Shares is to be effected by way of a cashbox placing. The Company will allot and issue the Placing Shares on a non-pre-emptive basis to the placees in consideration for Kerman Shelf 20 Limited transferring its holdings of ordinary shares and redeemable preference shares in Gold Oil Capital (Jersey) Limited to the Company. Accordingly, instead of receiving cash as consideration for the issue of Placing Shares, at the conclusion of the Placing the Company will own the entire issued share capital of Gold Oil Capital (Jersey) Limited whose only asset will be its cash reserves, which will represent an amount approximately equal to the net proceeds of the Placing.\n&nb...