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Mosman Oil And Gas updates on pending relaunch of GEM International

GEM International is to relaunched as Norseman Capital, and, following a capital reorganisation is planning a share placing
oil and gas operations
GEM has now completed necessary paperwork

Mosman Oil And Gas Ltd (LON:MSMN) told investors that it expects GEM International Resources Inc (CVE:GI) will have its suspension lifted on the trading of its shares.

The AIM-quoted junior oiler has a shareholding in GEM which has now completed financial reports and other corporate requirements necessary to resume its listing in Canada.

READ: Mosman Oil and Gas raises £600,000 to accelerate production growth

Additionally, at an AGM on Tuesday, the 2017 financial statements were approved along with proposals for a capital reorganisation (a 1-for-10 share consolidation) and a relaunch under the new name Norseman Capital Limited.

It is also anticipated that, as Norseman, the company will seek to introduce new capital which would support new ventures .

Mosman chairman John Barr, who is presently interim chief executive at GEM, is expected to step down from his role at GEM over the coming months, meanwhile, it will also review its shareholding in GEM.

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