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Update on Gem International Resources Inc

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RNS Number : 7827P
Mosman Oil and Gas Limited
12 February 2019
 

12 February 2019

Mosman Oil and Gas Limited

 ("Mosman" or the "Company")

 

Update on Gem International Resources Inc. (GEM)

 

 

Further to the Company's last update on GEM, included in the Company's annual report to 30 June 2018, and announced on 28 November 2018, Mosman announces an update on progress at GEM, in which Mosman's Executive Chairman, John W Barr, is one of the three directors.

 

The GEM Board had reviewed several potential transactions. In September 2018 Mosman advised that GEM was well advanced in finalising a Letter of Intent (the "LOI") with an unrelated third party that, if completed, will see GEM relisted, and revitalised.

 

There are a number of complicating factors associated with the proposed acquisition by GEM, resulting in an extended timeline whilst these are resolved. The timing remains uncertain, however the Board are working towards a conclusion in order that the LOI may be signed this quarter.

 

Mosman has been informed that there remain several key conditions that are required to be satisfied, and whilst these remain outstanding there is no clear timeline or guarantee of a conclusion. Mosman's objective remains to recover the value of its investment and loan.

 

John W Barr, Chairman, said: "GEM continues to work through and gradually resolve issues, that once completed should see a revitalisation, and enable Mosman to recover value associated with its original investment in and the subsequent loan to GEM.

 

"The Board of Mosman monitors this very closely and further announcements will be made when public information is available."

 

 

Market Abuse Regulation (MAR) Disclosure

Certain information contained in this announcement would have been deemed inside

information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

 

 Enquiries:

 

Mosman Oil & Gas Limited

John W Barr, Executive Chairman

Andy Carroll, Technical Director

[email protected]

[email protected]

 

NOMAD and Broker

SP Angel Corporate Finance LLP

Stuart Gledhill / Richard Hail / Soltan Tagiev

+44 (0) 20 3470 0470

 

Gable Communications Limited

Justine James / John Bick

+44 (0) 20 7193 7463

[email protected]

Joint Broker

SVS Securities Plc

Tom Curran / Ben Tadd

+44 (0) 203 700 0078

 

 

Updates on the Company's activities are regularly posted on its website www.mosmanoilandgas.com

 

 

 

 

 

 


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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Price: 0.239

Market: AIM
Market Cap: £2.12 m
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