Business
Issue of equity and Board Changes
Issue of equity and Board Changes.
About this update from Zephyr Energy Plc
[{"type":"text","content":"\n \nRNS Number : 4842Z Rose Petroleum PLC 20 May 2019 \n\nPrior to publication, the information contained within this announcement was deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 (\"MAR\"). With the publication of this announcement, this information is now considered to be in the public domain.\n \n20 May 2019\n \nRose Petroleum plc\n(\"Rose\", the \"Company\" or the \"Group\")\n \nIssue of equity and Board Changes \n \nRose Petroleum plc (AIM: ROSE), the AIM-quoted natural resources business, provides an update on the subscription for 25,000,000 new ordinary shares in the Company, as announced on 11 April 2019, and the Board composition.\n \nHighlights\n \n· £300,000 raised, before expenses, through a direct subscription with the Company from Origin Creek Energy LLC (\"OCE\") for 25,000,000 new ordinary shares in the Company at 1.2p per share (the \"Fundraise\");\n· OCE is an investment firm focused on foundational public and private investments in the onshore U.S. upstream sector, primarily in the D-J and Marcellus basins;\n· The Fundraise replaces, at a premium, the subscription by Robert Bensh for 25,000,000 new ordinary shares that was announced on 11 April 2019 and which has now been cancelled;\n· Robert Bensh has left the Rose Board with immediate effect; \n· Colin Harrington, who is currently Chief Executive Officer of OCE and has decades of U.S. onshore oil and gas experience, will be joining the Rose Board as Executive Chairman.\nThe Fundraise \nRose has raised £300,000, before expenses, via a subscription by OCE for 25,000,000 new ordinary shares (the \"New Ordinary Shares\") at a price of 1.2 pence per share. The New Ordinary Shares will be issued using the Company's existing share authorities and will rank pari-passu with the existing ordinary shares of 0.1p each in the Company (\"Ordinary Shares\"). \nThe proceeds of the Fundraise will be used for general corporate purposes including the appraisal of identified investment opportunities within the Company's current portfolio of business development projects.\nSettlement of the Fundraise is expected to take place by 24 May 2019. Once the funds have been ...