Proposed Acquisition Extension

RNS Number : 1434U

Nostra Terra Oil & Gas Company PLC

05 April 2016

 

5 April 2016

Nostra Terra Oil and Gas Company plc

("Nostra Terra" or the "Company")

Proposed Acquisition Extension

Further to the announcements of 22 February and 1 April 2016 regarding the proposed acquisition of a 60% interest in producing assets in the Permian Basin of New Mexico from Alamo Resources II, LLC ("Proposed Acquisition"), Nostra Terra announces that an extension to the closing to 29 April 2016 has been granted by an agreement dated 4 April 2016.  As payment for this extension Nostra Terra will issue 118,626,040 new ordinary shares in the Company at 0.10 pence per share ("Shares") to Alamo Resources II, LLC immediately.  The payment on closing of the Proposed Acquisition will be reduced by US$130,000.

The shares will rank pari passu in all respects with the Company's existing issued ordinary shares. Application has been made for the admission of the Shares to trading on AIM and it is expected that admission will occur and that dealings will commence at 8.00 a.m. on 8 April 2016.

Following Admission, the Company's issued share capital will consist of 3,828,204,316 Ordinary Shares with no Ordinary Shares held in treasury. Therefore the above figure of 3,828,204,316 may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the FCA's Disclosure and Transparency Rules.

Matt Lofgran, Chief Executive Officer of Nostra Terra, commented:

"We're pleased to have been granted the extension by the seller as we continue to progress towards closing, where we anticipate the acquisition will be financed with debt." 

For further information, visit www.ntog.co.uk or contact:

Nostra Terra Oil and Gas Company plc Matt Lofgran, CEO [e-mail]				[phone]
Strand Hanson Limited (Nominated & Financial Adviser and Joint Broker)			[phone]
Rory Murphy / Ritchie Balmer
Cornhill Capital Ltd (Joint Broker)			[phone]
Nick Bealer / Colin Rowbury
Walbrook PR			[phone]
Gary Middleton / Nick Rome

 

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