Exercise of Warrants & Subscription

RNS Number : 8889N

Westmount Energy Limited

14 May 2018

 

WESTMOUNT ENERGY LIMITED

("Westmount" or the "Company")

Exercises of Warrants & Subscription

The Company announces that, following exercises of warrants for a price of 7.5 pence per share, application has been made for 1,938,876 ordinary shares of no par value in the capital of the Company ("Ordinary Shares") to be admitted to trading on AIM.

The Company has also been notified that, due to an administrative error pertaining to the relevant dates of expiry, exercise applications in respect of certain warrant holders ("Holders") holding a total of 383,400 warrants over Ordinary Shares were not received in advance of the deadline applicable to such warrants of 18 April 2018, but were received in advance of the 8 May 2018 deadline for the warrants issued in connection with the Company's open offer fundraising last year. The Board believes that it is in the best interests of the Company and all shareholders to honour these applications, and accordingly announces a conditional subscription ("Subscription") by the Holders for a total of 383,400 Ordinary Shares ("Subscription Shares") at a price of 7.5 pence per ordinary share, being the exercise price of the warrants. Application has therefore also been made for the Subscription Shares to be admitted to trading on AIM, and the Subscription is conditional on admission.

The total of 2,322,276 new Ordinary Shares will rank pari-passu with existing ordinary shares and it is expected that admission will occur at 8.00 a.m. on or around 17 May 2018.

As a result of the above warrant exercises and subscription, the Company's issued ordinary share capital will comprise 47,147,796 ordinary shares, of which none are held in treasury. Therefore, the total number of ordinary shares with voting rights in Westmount following admission will be 47,147,796, which 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 Company under the FCA's Disclosure Guidance and Transparency Rules.

Following the expiry of all remaining warrants on 8 May 2018, the Company has no further warrants over Ordinary Shares outstanding.

For further information, please contact:

Westmount Energy Limited                             www.westmountenergy.com

David King, Director                                            Tel: [phone]

Jane Vlahopoulou                                              

Cenkos Securities plc (Nomad and Broker)

Nicholas Wells                                                    Tel: [phone]

Harry Hargreaves

 

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