Result of EGM and Completion of Placing

Released : 14.07.2017

RNS Number : 1327L
Bahamas Petroleum Company PLC
14 July 2017
 

14th July 2017

Bahamas Petroleum Company plc ("BPC" or the "Company")

 

Result of EGM and Completion of Placing

 

Bahamas Petroleum Company, the oil and gas exploration company with significant prospective resources in licences in The Commonwealth of The Bahamas is pleased to announce that the resolution put to shareholders at the Extraordinary General Meeting held earlier today was duly passed.

As a result, the Company will issue 170,000,000 new Ordinary Shares of 0.002p ("Ordinary Shares"), inclusive of the participation of the Board and Management (20,000,000 Ordinary Shares), raising £1.7 million, being the conditional tranche of the previously announced Placing.  The new shares will be admitted to trading on or about 19 July 2017.

When coupled with the firm placing of £1.1 million comprising 110,000,000 new Ordinary Shares admitted to trading on 21 June 2017, the total raised in the Placing will amount to £2.8 million before expenses through the issue of 280,000,000 new Ordinary Shares at a price of 1 pence each. Proceeds of the Placing will be used to fund the Company as it seeks to complete a farm-in or other financing sufficient to enable drilling of an exploration well on the Company's southern licences.

Once the new shares are placed on or about 19 July 2017, the Company's issued share capital will consist of 1,510,479,096 Ordinary Shares, with each Ordinary Share carrying the right to one vote. The Company does not hold any Ordinary Shares in treasury. The figure of 1,510,479,096 Ordinary Shares may be used by shareholders in the Company, as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure Guidance and Transparency Rules ("DTRs").

 

Ends

 

For further information, please contact:

 

Bahamas Petroleum Company plc

Simon Potter, Chief Executive Officer

 

Tel: +44 (0) 1624 647 882

Strand Hanson Limited - Nomad

Rory Murphy / James Spinney

 

Tel: +44 (0) 20 7409 3494

Shore Capital Stockbrokers Limited - Broker

Jerry Keen / Toby Gibbs

Tel: +44 (0) 207 408 4090

CAMARCO

Billy Clegg / Gordon Poole / James Crothers

Tel: +44 (0) 20 3757 4983

 

Notes to editors:

 

Bahamas Petroleum Company is an oil and gas exploration company with 100% owned offshore licences exclusively focused on the Commonwealth of The Bahamas. The Company has significant prospective resources, which have been de-risked through both extensive 2D and 3D seismic. The four Southern Licences, with a newly agreed well obligation date of April 2017, run until 2Q 2018 when the licences may be renewed a further two times. The Company is intent on delivering safe and environmentally responsible exploration.

 

www.bpcplc.com

 


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