Mosman Oil and Gas Limited Notice of EGM (9959Y)
08 Gennaio 2024 - 4:50PM
UK Regulatory
TIDMMSMN
RNS Number : 9959Y
Mosman Oil and Gas Limited
08 January 2024
8 January 2024
Mosman Oil and Gas Limited
("Mosman" or the "Company")
Notice of Extraordinary General Meeting
Mosman Oil and Gas Limited (AIM: MSMN) the hydrocarbon, helium
and hydrogen exploration, development and production company,
announces that it is holding an Extraordinary General Meeting (EGM)
at 10am (AEDT) on 7 February 2024, (11pm GMT on 6 February 2024) at
24-26 Kent Street, Millers Point NSW 2000, Australia.
The purpose of the meeting is to finalise the participation of
two Directors alongside the Company's recent share placement as
indicated in the Company's announcement on 29 November 2023
("Placing") as this requires shareholder approval.
Ratification of Director Placement Participation
As set out in the formal Notice (which can be found on the
Company's website), the Company has convened this Extraordinary
General Meeting with the sole purpose of approving the
participation of two Directors' alongside the Company's most recent
Placing which led to the receipt of GBP 250,000 (AU$475,000) in new
funds on the basis of a 0.125p p/share subscription price with a
1:2 free attaching 2 year option with a 0.25p exercise price from
Placing participants sourced through the Company's banker.
The Company previously indicated that two Directors (Messrs
Carroll and Harvey) intended to support the Placing on the same
terms as the Placing participants on 29 November 2023 which would
increase the size of the Placing by GBP 15,790 ( AU$30,000) if
approved by shareholders (the "Directors Subscription").
Shareholder approval is required for Director participation in
any capital raising in order for the Company to comply with its
statutory obligations under the Corporations Act 2001 (Cth) in
Australia.
It follows that there are two resolutions put forward in the EGM
for shareholder approval:
1. Participation of Executive Director and CEO Andy Carroll to
subscribe for up to AU$20,000 ( GBP10,526) alongside the Placing
(up to 84,210,526 shares and 42,105,263 free attaching
Warrants);
2. Participation of Non-Executive Chairman Mr Nigel Harvey to
subscribe for up to AU$10,000 ( GBP5,264) alongside the Placing (up
to 42,105,263 shares and 21,052,632 free attaching Warrants).
Related Party Transaction
As Andy Carroll and Nigel Harvey are Directors of the Company,
they are considered to be Related Parties of the Company as defined
under the AIM Rules for Companies (the "AIM Rules") and the
proposed Director Subscriptions set out above, are considered to be
Related Party Transactions pursuant to Rule 13 of the AIM
Rules.
Carl Dumbrell, being the Director independent from the Director
Subscriptions, considers, having consulted with the Company's
Nominated Adviser, SP Angel Corporate Finance LLP, that the
proposed terms of the Director Subscriptions are fair and
reasonable insofar as the Company's Shareholders are concerned.
Market Abuse Regulation (MAR) Disclosure
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 ('MAR') which has
been incorporated into UK law by the European Union (Withdrawal)
Act 2018. Upon the publication of this announcement via Regulatory
Information Service ('RIS'), this information is now considered to
be in the public domain.
Enquiries:
Mosman Oil & Gas Limited NOMAD and Joint Broker
Andy Carroll SP Angel Corporate Finance LLP
Executive Director Stuart Gledhill / Richard Hail /
CEO Adam Cowl
acarroll@mosmanoilandgas.com +44 (0) 20 3470 0470
Shareholder Questions for General
Meeting
Subject: Attn Q&A
info@mosmanoilandgas.com
Alma Joint Broker
Justine James CMC Markets UK Plc
+44 (0) 20 3405 0205 Douglas Crippen
+44 (0) 7525 324431 +44 (0) 020 3003 8632
mosman@almastrategic.com
Updates on the Company's activities are regularly posted on its
website: www.mosmanoilandgas.com
Notes to editors
Mosman (AIM: MSMN) is an oil exploration, development, and
production company with projects in the US and Australia. Mosman's
strategic objectives remain consistent: to identify opportunities
which will provide operating cash flow and have development upside,
in conjunction with progressing exploration of existing exploration
permits. The Company has several projects in the US, in addition to
exploration projects in the Amadeus Basin in Central Australia.
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END
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