TIDMMYN
RNS Number : 5277X
Mayan Energy Limited
30 April 2019
Mayan Energy Ltd / Index: AIM / Epic: MYN/ ISIN: VGG6622A1057 /
Sector: Oil and Gas
30 April 2019
Mayan Energy Ltd ('Mayan' or 'the Company')
Completion of Placing to raise GBP700,000, Issue of Equity &
Closing of Acquisition
Mayan Energy Ltd (London AIM: MYN) is pleased to announce that,
further to the announcement made earlier today regarding the
Acquisition of Attis Oil & Gas Ltd ("Attis"), it has
successfully raised GBP700,000 gross proceeds via a placing of
500,000,000 new ordinary shares of no par value in the capital of
the Company (the "Ordinary Shares") (the "Placing Shares") with
certain existing and new investors along with the shareholders of
Attis at a price of 0.14p per share (the "Placing Price") (the
"Placing"). The funds raised by the Placing will be used to fund
further field enhancement work at Austin Chalk in Texas, initiation
of operations at the Zink Ranch Field in Oklahoma, a seven well
workover programme, including two plug and abandonment wells, at
the Fort Worth Field and sub-surface studies at Zink Ranch and
Austin Chalk. The Placing satisfies the final Condition Precedent
to complete of the acquisition of Attis.
Attis Completion
Under the Sale and Purchase Agreement between the Company and
the shareholders of Attis ("SPA") 952,197,460 Ordinary Shares are
to be issued to the shareholders of Attis ("Consideration Shares").
777,589,716 of the Consideration Shares issued under the
acquisition of Attis, representing 81.7% of the Consideration
Shares, are subject to a lock-in until 31 December 2019. The
Consideration Shares will be issued and allotted with admission
expected at the same time as the Placing Shares as further set out
below.
The Attis shareholder group has also participated in the Placing
to the extent of a GBP165,000 cash subscription. Following the
completion of the Placing and Acquisition of Attis, the Attis
shareholder group will hold a 28.31% interest in Mayan.
17,857,142 Ordinary Shares will also be issued to a third party
consultant at the Placing Price for introduction of the transaction
("Settlement Shares").
Directors Fees
10,400,325 Ordinary Shares will be issued at the Placing Price
in relation to the settlement of accrued Director fees to the
Company's Chairman, Paolo Amoruso, for time spent over his monthly
rate of GBP2,000 per calendar month basic rate ("the Settlement
Shares"). Following the issue of the Settlement Shares, Mr Amoruso
will hold 2.53% of Mayan.
Broker Warrants
In connection with the Placing, Mayan has issued 37,500,000
broker warrants to subscribe for new shares in Mayan, and these are
exercisable at the Placing Price within three years from admission
of the Placing Shares.
Admission of Placing Shares
Placing is conditional on Admission and application will be made
for the 1,480,454,927 Placing Shares, Settlement Shares and
Consideration Shares ("New Shares"), which will rank pari passu
with the existing Ordinary Shares, to be admitted to trading on AIM
(the "Admission"). It is expected that Admission will become
effective and dealings in the New Shares will commence on or around
9 May 2019.
Total Voting Rights ("TVR"):
Following the issue of the Ordinary Shares (being the
Consideration Shares for the Acquisition of Attis, the Placing
Shares and Settlement Shares), the Company's issued share capital
will consist of 3,774,292,308 Ordinary Shares with voting rights.
No Ordinary Shares are held in treasury at the date of this
announcement and therefore following the Admission, the total
number of Ordinary Shares in the Company with voting rights will be
3,774,292,308.
The above total voting rights figure may be used by shareholders
as the denominator for the calculation by which they will determine
if they are required to notify their interest in, or a change to
their interest in the Company.
Special note concerning the Market Abuse Regulation:
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) No 596/2014
("MAR"). Market soundings, as defined in MAR, were taken in respect
of the Subscription, with the result that certain persons became
aware of inside information, as permitted by MAR. That inside
information is set out in this announcement. Therefore, those
persons that received inside information in a market sounding are
no longer in possession of inside information relating to the
Company and its securities.
**ENDS**
For further information visit www.mayanenergy.co.uk or contact
the following:
Charlie Wood Mayan Energy Ltd +44 20 7236 1177
Roland Cornish Beaumont Cornish Ltd +44 20 7628 3396
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James Biddle Beaumont Cornish Ltd +44 20 7628 3396
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Frank Buhagiar St Brides Partners Limited +44 20 7236 1177
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Gaby Jenner St Brides Partners Limited +44 20 7236 1177
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Colin Rowbury Novum Securities Limited +44 20 7399 9400
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Notes:
Mayan Energy Limited is an AIM listed (London Stock Exchange)
North American based energy company. It is actively pursuing a
primary recovery oil strategy focused on re-stimulating wells
within mature producing basins with immediate cash flow leveraging
commercially available technologies and projects that are shallow,
low risk with low levels of capex and infrastructure already in
place. It also remains interested in creating shareholder value by
strategic investments in similar projects with high cash generative
potential and by forming beneficial development partnerships that
enable the use of pioneering and leading extraction
technologies.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
IOEURVNRKNASORR
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