Highlands Natural Resources PLC (LON:HNR)

Highlands Natural Resources PLC (LON:HNR)


Share Price
11.25 p
Change
-0.2 (-1.75 %)
Market Cap
£15.08 m
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Highlands Natural Resources PLC RNS Release

Results of PrimaryBid.com Offer


RNS Number : 3718T
Highlands Natural Resources PLC
20 March 2019
 

THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED TO CONSTITUTE INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) NO. 596/2014. UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

 

NOT FOR PUBLICATION, RELEASE OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH SUCH PUBLICATION, RELEASE OR DISTRIBUTION WOULD BE PROHIBITED BY ANY APPLICABLE LAW.

 

20 March 2019

 

Highlands Natural Resources plc

("Highlands" or the "Company")

 

Results of PrimaryBid.com Offer

 

Highlands, the London-listed natural resources company announced on 19 March 2019 the launch of a fundraising comprising a subscription in conjunction with an offer via PrimaryBid (the "PrimaryBid Offer") (together the "Fundraising").

 

The Company is pleased to announce that the PrimaryBid Offer received strong demand from private investors and successfully completed and closed at 9.00 p.m. on 19 March 2019.

 

Following the successful closing of the PrimaryBid Offer, the Company has raised gross proceeds of £1.56 million at 8.5 pence per ordinary share via the Fundraising.

 

Admission and dealings

 

Application will be made for 18,318,713 Ordinary Shares in the Company to be admitted to trading on the Official List of the UK Listing Authority by way of a Standard Listing and to trading on the London Stock Exchange's Main Market for listed securities ("Admission"). Admission is expected to take place on 26 March 2019.

 

Following Admission, the new Ordinary Shares will rank pari passu in all respects with the existing Ordinary Shares in issue, including the right to receive all dividends and other distributions declared, and the total number of ordinary shares in Highlands with voting rights will be 136,483,080. This figure may be used by Highlands shareholders as the denominator for calculations to determine if they have a notifiable interest in Highlands under the Disclosure and Transparency Rules, or if such interest has changed.

 

Robert Price, Executive Chairman and CEO of Highlands, said: "Zoetic Organics provides us with a compelling opportunity to enter the rapidly growing CBD market at low cost and to secure the value that our large, rare and valuable gas discovery creates for organic agricultural operations for shareholders.  I am delighted with the support we have received from investors and we look forward to establishing this new operation, which is expected to be profitable in 2019, in the coming weeks."

 

Defined terms in this announcement shall have the same meaning as in the Company announcement of 19 March 2019, unless otherwise specified.

 

**ENDS**

 

Enquiries

 

Highlands Natural Resources plc                                                                                +1 (0) 303 322 1066

Robert Price

 

PrimaryBid Limited                                                                                                        +44 (0) 20 3026 4750

Robert Beenstock

 

Cantor Fitzgerald Europe                                                                                            +44 (0) 20 7894 7000        

Nick Tulloch       

David Porter      

               

Keith, Bayley, Rogers & Co. Limited                                                                        +44 (0) 207 464 4098

Brinsley Holman                              

               

Newgate Communications                                                                                         +44 (0) 20 3757 6880

Elisabeth Cowell              

Fiona Norman  

 

Notes to Editors

Highlands (LSE: HNR.L) is a London-listed natural resources company with a portfolio of high-potential assets and technologies. The Company's core projects include:

·    Colorado Shale: Highlands holds a 7.5% carried interest in the East Denver Niobrara shale project. East Denver is currently producing from eight wells, with the potential for up to 24 wells in total.  At its West Denver project, Highlands holds c. 5,300-acres of leases geologically similar to the East Denver project. This division also includes its patented anti well-bashing technology, DT Ultravert, successfully deployed in the Permian in 2018 and Piceance basins in 2016.

·    Kansas Gas Resource: 3,457-acres with the first well producing hydrogen-nitrogen with an initial flow rate of 2,581 Mcfpd. Potential for an additional 24 wells.

·    Highlands Water Resources: formed to facilitate a range of initiatives focused on easing the water shortage currently being experienced across the US oil and gas industry, and particularly across more arid States such as Colorado. Utilises the E10X modular solar powered water-recycling units. Highlands is also exploring the potential to supply water from its 154,072 acreage in Montana.

·    Zoetic Organics: newly formed subsidiary targeting the production of premium organic CBD products into wholesale and retail channels from a 33,000 sq. ft. indoor facility (potential annual harvest of 40,000 hemp plants) and an initial 20-acre outdoor growing facility (potential annual harvest of 50,000 hemp plants).


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
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