Issue of Equity

RNS Number : 0742N

San Leon Energy PLC

04 June 2010

 



San Leon Energy Plc

("San Leon" or the "Company")

Completion of Gold Point Energy Acquisition and Issue of Equity

San Leon Energy Plc is pleased to announce that it will be issuing the full second tranche shares and conclude its agreement for the acquisition of Gold Point Energy.

On 8 June 2009, San Leon announced the completion of the acquisition of Gold Point Energy Corp. ("GPE"). The terms of the acquisition of GPE, pursuant to an agreement dated 12 February 2009 ("Agreement"), stated that shareholders in GPE as at 5 June 2009 ("Effective Date") would be entitled to receive Ordinary Shares in San Leon ("SLE Shares") in two tranches of approximately 50 per cent. each. Pursuant to the Agreement, the second tranche of 3,804,208 SLE Shares has now been issued by the Company, on the first anniversary of the Effective Date.

Oisin Fanning Chairman of San Leon commented:

"The acquisition of Gold Point Energy has gone smoothly and we are very pleased to report that we have significantly enhanced the value of the former GPE assets since June of last year. We now have a permanent presence in Poland that caters for our geo-sciences and with the timely addition of three Shale Gas concessions were able to attract Talisman Energy to drill our first wells on these concessions whilst we retained 40% of the equity and a free carry."

Issue of Equity:

Application has been made for the admission to AIM of 5,809,965 ordinary shares of €0.05 each in the Company ("Ordinary Shares") as detailed below. The new Ordinary Shares will rank pari passu with the Company's existing issued Ordinary Shares and dealings are expected to commence on 9 June 2010.

Gold Point Energy

Application has also been made for the admission to AIM of 3,804,208 ordinary shares of €0.05 each in the Company ("Ordinary Shares"). In addition 27,000 Ordinary Shares have been issued to two former GPE directors as fees payable in relation to the GPE Transaction, pursuant to the Agreement. Also 54,054 shares are being issued in relation to subsequent fees.

Exercise of Warrants

In the year to date, 215,909 warrants to subscribe for Ordinary Shares have been exercised and issued. Following the exercise of these warrants, the Company has 62,384,600 warrants to subscribe for Ordinary Shares remaining, 45 per cent. of which have an exercise price greater than the current market price.

Island Oil & Gas Acquisition

Further to the announcement on 14 May 2010 regarding the enlarged share capital of the Company following the completion of the acquisition ("Acquisition") of Island Oil & Gas plc ("Island"), an additional five Ordinary Shares have been issued as part of the consideration payable to shareholders in Island,. San Leon therefore confirms that the number of shares issued in relation to the Acquisition is therefore 63,591,300 Ordinary Shares

Loan Conversion and Interest

An additional 1,708,789 Ordinary Shares have also been issued. These Ordinary Shares have been issued to three parties as a result of a loan conversion including interest and of which 295,455 shares were added due to an exchange correction.

Following admission, the Company's enlarged issued share capital will comprise 403,009,459 Ordinary Shares, with voting rights. The Company does not hold any Ordinary Shares in treasury. Therefore the total number of Ordinary Shares in the Company with voting rights is 403,009,459, which figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FSA's Disclosure and Transparency Rules.

4 June 2010

For further information contact:

San Leon Energy Plc                                                    Tel: + 353 1291 6292

Oisin Fanning, Chairman

Philip Thompson, Chief Executive Officer

www.sanleonenergy.com

Arbuthnot Securities                                                  Tel: [phone]

Nick Tulloch

Ben Wells

College Hill                                                                   Tel: [phone]

Nick Elwes                                                                    

 

END

 

 

IOELIFVDRTISIII