Business
Capital Raise for Asian and N. African Initiatives
Capital Raise for Asian and N. African Initiatives.
About this update from Upland Resources Ltd
[{"type":"text","content":"\n \n \n RNS Number : 8807S\n Upland Resources Limited\n 14 July 2020\n \n \n \n \n NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN\n \n \n \n \n \n This announcement is not an offer for sale, or a solicitation of an offer to acquire, securities in any jurisdiction, including in or into the United States, Canada, Australia, or Japan. Neither this announcement nor any part of it shall form the basis of or be relied on in connection with or act as an inducement to enter into any contract or commitment whatsoever.\n \n \n \n \n \n 14 July 2020\n \n \n UPLAND RESOURCES LIMITED\n \n \n (\"Upland\" or the \"Company\")\n \n \n Capital Raise to Progress Asian and North African Initiatives\n \n \n \n \n \n Upland Resources Limited (LSE: UPL), the oil and gas company actively building a portfolio of attractive upstream assets \n in proven, mature south-east Asian and north African basins\n , is pleased to announce that it has raised £470,000 (before expenses) via a placing and subscription of new ordinary shares of no par value in the Company (the \"Placing and Subscription\"). The funds will be used to progress technical and commercial workstreams relating to the Company's projects in Tunisia and South East Asia and for general working capital purposes. \n \n \n The Company will issue 67,142,861 new ordinary shares of no par value at 0.7p per share pursuant to the Placing and Subscription (the \"Placing and Subscription Shares\"). 33,571,431 warrants will also be issued as part of the Placing and Subscription (1 warrant for every 2 new ordinary shares). Each warrant will be exercisable into 1 new ordinary share of no par value in the Company at an exercise price of 1.3p. The warrants will be issued by the Company simultaneously with the Placing and Subscription Shares and will be exercisable for a period of 24 months from the date of admission.\n \n \n As part of the Placing and Subscription, Chris Pitman, CEO, has subscribed for 7,142,857 new ordinary shares of no par value in the Company at 0.7p per share together with 3,571,429 warrants.\n \n \n Upland CEO Chris Pitman commented:\n \n \n \n \n \n \n \"We are pleased to announce that we have completed this fund raise and would like to take the opportunity of welcoming new...