Share Issue

RNS Number : 2651W

Petroneft Resources PLC

16 April 2019

 

PetroNeft Resources plc

("PetroNeft" or the "Group" or the "Company")

Share Issue

PetroNeft has agreed to issue 13,884,594 Ordinary Shares in settlement of liabilities as follows:

Shares in lieu of cash to pay David Sturt for deferred Non-Executive Director fees:

The Company owed Mr Sturt accrued fees totalling €44,806 from his time as non-executive Director of the company up until his appointment as CEO on 25^th March 2019. At Mr Sturt's request the company has settled this debt by providing shares instead of in cash at based on the weighted average share price for the five days prior to his commencement as CEO (1.1125p/share) with the total issued to him being 3,413,390.

Departure Agreement with Dennis Francis: 

As part of Mr Francis resignation agreement, he agreed to be paid part of the fees owed to him in shares instead of cash. Under this agreement Mr Francis was due to be issued 10,471,204 shares in settlement of fees totalling US$200,000 (the equivalent of US$0.0191 per share, 1.458p/share). These shares have now been issued. 

Resultant holdings of Mr Sturt & Mr Francis:

	Ordinary Shares held prior to Share Issue	Share Issue	Resulting holding of Ordinary Shares	% of Issued Share Capital*
David Sturt	634,615	3,413,390	4,048,005	0.56%
Dennis Francis	25,890,416	10,471,204	36,361,620	5.04%

The Company will apply for admission of the Shares to be traded on the AIM and Euronext Growth markets. It is expected that Admission will take place and that trading will commence on or around 24^th April 2019.

*This percentage shareholding is based on a total shares now in issue figure of 721,130,500 ordinary shares.

For further information, contact:

David Sturt, CEO, PetroNeft Resources plc                                                                           [phone]

 

END

 

 

MSCCKPDKOBKDBQD