Lansdowne Oil & Gas has entered into a Convertible Loan Agreement for GBP 45,000, arranged by Tavira Financial Limited, the Company's joint broker, with a number of existing shareholders.
Lansdowne intends to use the funds to provide working capital whilst discussions continue with potential funders for Lansdowne's Energy Charter Treaty claim against Ireland and work progresses towards a potential reverse takeover. The Company is also in the process of completing its accounts for the full year to 31 December 2023 and six month period to 30 June 2024.
The Company expects to raise further funds via the CLN process over the coming weeks as required and further announcements will be made as necessary.
Trading in the Company's shares on AIM will remain suspended until the completion of a reverse takeover, which requires the publication of an admission document and the approval of such a transaction at a General Meeting of the Company, or the Company is readmitted to trading on AIM as an investing company.
Loan terms
The Loan terms are the same as those previously entered into and announced on 20 September 2024. The Loan is unsecured, carries no interest and shall be converted into new ordinary shares of 0.01 pence each in the Company ('New Ordinary Shares') at the time of completing a reverse takeover and subject to shareholder approval for the extension of share issuance authorities. The conversion price will be the lower of 0.1 pence (being the share price at the time of suspension on 21 March 2024), or a 20% discount price to the issue price at the time of any issuance of shares alongside a future reverse takeover.
Source: Lansdowne Oil & G
