Petro Matad, the AIM quoted Mongolian oil company, has announced the outcome of the Open Offer to shareholders launched on 19 July 2021.
The Open Offer to shareholders, launched on 19 July 2021, closed for acceptances in accordance with its terms at 11.00 am BST on 3 August 2021. The Company received valid applications in respect of a total of 2,169,649 new ordinary shares in the Company. Subject to the passing of the resolutions to be proposed at the Company's extraordinary general meeting ('EGM') to be held today, the aggregate gross amount raised pursuant to the Open Offer is therefore expected to be approx. £76,000. Application has been made to the London Stock Exchange for the admission of the Open Offer Shares to trading on AIM. Subject to the passing of the resolutions at the EGM, it is expected that Admission will occur and that dealings will commence at 8.00 a.m. BST on 6 August 2021.
At the EGM to be held today, Mike Buck, the Company's CEO, will make the following EGM statement:
'We are pleased to have completed a capital raise swiftly following the award of the Exploitation Licence for the Heron discovery. This allows us to secure long lead time items in anticipation of commencing oil production as soon as next year, and strategically puts us in control of our goal to deliver transformational value to all stakeholders through production and low-cost exploration.
While we have much to achieve, we start the next chapter of the Company's development from a position of strength and independence. As Mongolia's leading exploration company with proven operatorship capability, we are well capitalised for the next phase of activity. In addition, we continue to hold an excellent relationship with the Mongolian government, which is committed to developing the country's upstream oil industry, building a domestic oil refinery and enhancing the country's energy independence.
We look to the future with confidence and our committed team will work tirelessly to deliver shareholder value as we move into the next phase of development.'
A recording of the EGM held today (5 August 2021) will be available on the Petro Matad corporate website in due course.
Appointment of Joint Broker:
We are also pleased to announce today the appointment of Arden Partners plc as Joint Broker to the Company.
Source: Petro Matad