Business
Subscription
Subscription.
About this update from Westmount Energy Limited
[{"type":"text","content":"\n \nRNS Number : 1991F Westmount Energy Limited 16 May 2017 \n\nTHIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN, INTO OR FROM THE UNITED STATES, CANADA, AUSTRALIA, THE REPUBLIC OF SOUTH AFRICA OR JAPAN OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A BREACH OF THE RELEVANT SECURITIES LAWS OF SUCH JURISDICTION.\nThis announcement does not constitute a prospectus or offering memorandum or an offer in respect of any securities and is not intended to provide the basis for any decision in respect of Westmount Energy Limited or other evaluation of any securities of Westmount Energy Limited or any other entity and should not be considered as a recommendation that any investor should subscribe for or purchase any such securities.\n \n16 May 2017\nWestmount Energy Limited\n(\"Westmount\" or the \"Company\")\n \n \nDirect Subscription to raise up to £150,000\n \n \nWestmount Energy Limited (AIM: WTE), the energy investment company, announces a conditional subscription (\"Investor Subscription\") to raise £150,000 (before expenses).\nReasons for the Investor Subscription and Use of Proceeds\nFurther to the Company's announcement of 3 May 2017 in relation to the results of the Company's recent Open Offer, the Company is pleased to announce that Marlborough UK Micro-Cap Growth Fund and Mr Stephen Carroll, each existing Shareholders, have subscribed in aggregate £150,000 for 2,500,000 new ordinary shares and 500,000 new ordinary shares (the \"Subscription Shares\") respectively in the Company at a price of 5 pence per ordinary share (the \"Subscription Price\"). The Investor Subscription is conditional only on admission of the Subscription Shares to trading on AIM (\"Admission\"). The Subscription Price represents a discount of 23.1 per cent to the closing share price on 15 May 2017, being the day before publication of this announcement. The directors of Westmount believe that the Investor Subscription further improves the financial position of Westmount and the proceeds will be used for the Company's ongoing working capital requirements. \n \nDetails of the Investor Subscription\nIt is expected that, following completion of the Investor Subscription, Marlborough UK Micro-Cap Growth Fund and Mr Carroll will hold approximately 14....