08:00 Tue 26 May 2020
Petrel Resources PLC - Placing to Raise £250,000 & Update on Operations
("Petrel" or "the Company")
Placing to Raise
Update on Iraqi Operations
Use of Funds
Subject to the appointment of responsible officials by the new Iraqi Government, and the lifting of Covid-19 restrictions, Petrel expects to enter into re-qualification discussions with the appropriate decision-makers at the
Pending, such discussions, this investment will strengthen the company's Balance Sheet.
"Petrel is fortunate to have maintained strong relationships with
"Prevailing circumstances obliged Petrel temporarily to dis-engage from on-the-ground operations in 2010. We saw too many challenges - both governance, political and financial - to justify risking Shareholders' funds given the then-limited upside available."
"Recent events are transforming this situation. A three-way rivalry among
Admission and Total Voting Rights
An application will be made for the admission of the Placing Shares, which will rank pari passu with the existing ordinary shares in issue, to trading on AIM which is expected to occur on or around 2nd
Following Admission, there will be a total of 157,038,467 ordinary shares in issue with each ordinary share carrying the right to one vote. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or change to their interest in, the Company under the
This announcement contains inside information for the purposes of Article 7 of Regulation 596/2014.
ENDS
For further information please visit http://www.petrelresources.com/ or contact:
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+353 (0) 1 833 2833 |
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Nominated Adviser and Broker |
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+44 (0) 20 399 9400
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Blytheweigh - PR |
+44 (0) 207 138 3206 +44 (0) 207 138 3553 +44 (0) 207 138 3208 |
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Teneo |
+353 (0) 1 661 4055 +353 (0) 1 661 4055 +353 (0) 1 661 4055 |
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