Nostra Terra Oil & Gas Company PLC Growth Plans and Fundraise, Issue of Equity & TVR (3221Z)
11 Gennaio 2024 - 8:00AM
UK Regulatory
TIDMNTOG
RNS Number : 3221Z
Nostra Terra Oil & Gas Company PLC
11 January 2024
11 January 2024
Nostra Terra Oil and Gas Company Plc
("Nostra Terra" or "the Company")
Growth Plans and Fundraise
Issue of Equity & TVR
Nostra Terra (AIM: NTOG), the international oil & gas
exploration and production company with a portfolio of development
and production assets in Texas, USA, is pleased to announce growth
plans and a successful fundraise supported by institutional
investors .
Following the success of the Fouke wells at the Company's Pine
Mills asset in East Texas, Nostra Terra has been looking for
similar opportunities in this prolific region of East Texas. The
Company is nearing completion of an agreement that will allow it to
develop additional, analogous opportunities over a large area both
within and contiguous to the existing Pine Mills acreage using
modern 3D seismic data. Previous use of this seismic data has
resulted in the successful Fouke wells and other similar aged
prospects in this area. Based on the experience gained from Pine
Mills, this opportunity has the potential to provide an inventory
of drilling locations for many years to come.
To support this, the Company has raised GBP300,000 (before
expenses) through a subscription and placing of 250,000,000 new
ordinary shares at a price of 0.12p per share (the "Placing Price")
(the "Placing"). Funds from the Placing will be used to develop the
drilling opportunities around its Pine Mills asset and for general
working capital. The fundraise was cornerstoned by institutional
investors.
Matt Lofgran , Nostra Terra's Chief Executive Officer, said:
"The Fouke wells at Pine Mills have been a great success,
providing strong returns for the Company. I am delighted to
announce that we have strong support from respected institutional
investors, which will now allow us to accelerate growth
opportunities in front of us. We anticipate closing the Pine Mills
transaction in the coming days."
The Company has raised, in aggregate, GBP300,000, before
expenses, by way of a subscription for 100,000,000 new ordinary
shares (the "Subscription Shares") (the "Subscription") and a
placing of 150,000,000 new ordinary shares at a price of 0.12 pence
per share (together the "Fundraise Shares"). In addition, an
existing noteholder, Discovery Energy Ltd, has requested to be able
to convert some of their outstanding note into equity and therefore
GBP30,000 is being converted at the Placing Price by the issue of
an additional 25,000,000 new Ordinary Shares (the " Conversion
Shares"). In connection with the Placing, 9,000,000 broker warrants
have been granted to Novum Securities Limited and 8,000,000
warrants have been issued to consultants, exercisable at the
Placing Price with a three-year expiry. The Subscription is with
Dos Hermanos International, LLC who, as a result of their
subscription, are expected to hold 100,000,000 Ordinary Shares
representing approximately 9.8% of the Company's enlarged issued
share capital.
An application will be made to the London Stock Exchange for the
250,000,000 Fundraise Shares and 25,000,000 Conversion Shares to be
admitted to trading on AIM ("Admission"). It is expected that
Admission will become effective on or around 25 January 2024.
In accordance with the FCA's Disclosure Guidance and
Transparency Rules, the Company confirms that on issue of the
Fundraise Shares and Conversion Shares and following Admission, the
Company's enlarged issued ordinary share capital will comprise
1,021,520,534 Ordinary Shares.
The Company does not hold any Ordinary Shares in Treasury.
Therefore, following Admission, the above figure may be used by
shareholders in the Company as the denominator for the calculations
to determine if they are required to notify their interest in, or a
change to their interest in the Company, under the FCA's Disclosure
Guidance and Transparency Rules.
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) No. 596/2014, as
it forms part of UK Domestic Law by virtue of the European Union
(Withdrawal) Act 2018. Upon the publication of this announcement,
this inside information is now considered to be in the public
domain.
For further information, contact:
Nostra Terra Oil and Gas Company
plc
Matt Lofgran, CEO Tel: +1 480 993 8933
Beaumont Cornish Limited
(Nominated Adviser)
James Biddle/ Roland Cornish Tel: +44 (0) 20 7628 3396
Novum Securities Limited (Broker)
Jon Belliss Tel: +44 (0) 207 399 9425
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END
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