Business
Proposed disposal, capital reorganisation & GM
Proposed disposal, capital reorganisation & GM.
About this update from Zephyr Energy Plc
[{"type":"text","content":"\n \nRNS Number : 6281P Rose Petroleum PLC 01 September 2017 \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.\n1 September 2017\n \nRose Petroleum plc\n(\"Rose\", the \"Company\" or the \"Group\")\n \nProposed disposal, capital reorganisation and notice of general meeting\n \nRose (AIM: ROSE), the AIM quoted natural resources business, announces that the Company is today publishing and posting to Shareholders a circular to convene a General Meeting.\n \nThe Company is seeking shareholder approval for the proposed disposal of the Company's mineral processing mill operation in San Dieguito de Arriba, Mexico and its associated assets, licenses and agreements (together, the \"SDA Mill\") to Magellan Gold Corporation (OTCQB: MAGE) (\"Magellan\") for a total consideration of US$1.5 million, payable as US$1.0 million in cash (less a US$100,000 option payment already received) and US$500,000 in restricted common stock (shares) in Magellan. The Disposal will constitute a fundamental change of business under the AIM Rules and is therefore subject to the approval of Shareholders at the General Meeting. The Disposal is also subject, inter alia, to the relevant parties entering into a stock purchase agreement (the \"SPA\"). The SPA is expected to be entered into imminently and in any event ahead of the General Meeting. A further announcement will be made when appropriate.\n \nFurther, the Company announced on 22 August 2017 that it had received all necessary final approvals in the permitting process for its proposed 3D seismic survey on its oil and gas exploration acreage in the Paradox Basin, Utah (the \"Paradox Acreage\"). The Company has subsequently announced the completion of the seismic shoot design optimisation and the commencement of field work in the Paradox Basin. As previously announced, the Company is in dialogue with a number of third parties regarding additional potential funding options for both the 3D seismic survey and the subsequent drilling programme. This may involve an equity fundraise and so the Com...