Lansdowne Oil & Gas has entered into further Convertible Loan Agreements for £100,000, arranged by Tavira Financial Limited, the Company's joint broker, with a number of existing shareholders.
The aggregate CLNs outstanding are now £330,000.
Lansdowne intends to use the funds to provide working capital whilst progressing the final stages of a potential reverse takeover, which is targeted to complete in the first quarter of 2026.
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 the Annual 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, 10 February 2025, and 31 July 2025. The Loans are unsecured, carry 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 & Gas
