Notice of AGM and Placing Update

RNS Number : 5045J

Bahamas Petroleum Company PLC

29 June 2017

 

29 June 2017

Bahamas Petroleum Company plc ("BPC" or the "Company")

Notice of Annual General Meeting ("AGM"), Posting of Annual Report and Placing Update  

Bahamas Petroleum Company, the oil and gas exploration company with a significant prospective resource in licences in The Commonwealth of The Bahamas gives the following notice and update to shareholders.

Notice of AGM

Bahamas Petroleum Company plc announces that it will be holding its AGM at midday on 23 August  2017, at IOMA House, Hope Street, Douglas, Isle of Man, IM1 1AP.  Notice of the AGM along with the 2016 Annual Report has today been sent to shareholders, copies of which can be viewed on the Company's website at www.bpcplc.com.

Placing Update

The Company is pleased to advise that, further to the Placing announced on 14 June 2017 (and as then defined), the firm placing of £1.1 million comprising 110,000,000 new ordinary shares of 0.002p each ("Ordinary Shares") ("Firm Placing"), has now been completed, with the new Ordinary Shares issued and admitted to trading on 21 June 2017. The funds have been received by the Company.

As a result, the Company's issued share capital now consists of 1,340,479,096 Ordinary Shares of 0.002p each ("Ordinary Shares"), with each Ordinary Share carrying the right to one vote. The Company does not hold any Ordinary Shares in treasury. The figure of 1,340,479,096 Ordinary Shares 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 FCA's Disclosure Guidance and Transparency Rules ("DTRs").

Shareholders are reminded that an Extraordinary General Meeting ("EGM") of the Company has been called for the purposes of considering and, if thought fit, passing a resolution to enable the issue of a further 170,000,000 new Ordinary Shares, inclusive of the participation of the Board and Management (20,000,000 Ordinary Shares), (the "Conditional Placing"), being the second tranche of the previously announced Placing. A notice convening the EGM and supporting documentation was sent to shareholders on 16 June 2017, and is also available on the Company's website (www.bpcplc.com). The EGM will be held at 11am on 14 July 2017 at the Company's registered office at IOMA House, Hope Street, Douglas, Isle of Man, IM1 1AP.

If the resolution to be considered at the EGM is passed, the total raised in the Placing will amount to US$3.5 million (£2.8 million) before expenses, through a combination of the Firm Placing and Conditional Placing, together representing the issue of 280,000,000 new Ordinary Shares at a price of 1 pence each. Proceeds of the Placing will be used to fund the Company as it seeks to complete a farm-in or other financing sufficient to enable drilling of an exploration well on the Company's southern licences.

The Directors consider the Placing to be in the best interests of the Company and its Shareholders as a whole and accordingly unanimously recommend Shareholders to vote in favour of the resolutions to be proposed at the Extraordinary General Meeting as they intend to do in respect of their beneficial holdings.

Shore Capital Stockbrokers Limited, ("Shore Capital"), has acted as a broker for the Company for the purposes of the AIM Rules for the placing.

Ends

For further information, please contact:

Bahamas Petroleum Company plc Simon Potter, Chief Executive Officer	Tel: [phone]
Strand Hanson Limited - Nomad Rory Murphy / James Spinney	Tel: [phone]
Shore Capital Stockbrokers Limited - Broker Jerry Keen / Toby Gibbs	Tel: [phone]
CAMARCO Billy Clegg / Gordon Poole / James Crothers	Tel: [phone]

Notes to editors:

Bahamas Petroleum Company is an oil and gas exploration company with 100% owned offshore licences exclusively focused on the Commonwealth of The Bahamas. The Company has significant prospective resources, which have been de-risked through both extensive 2D and 3D seismic. The four Southern Licences, with a newly agreed well obligation date of April 2017, run until 2Q 2018 when the licences may be renewed a further two times. The Company is intent on delivering safe and environmentally responsible exploration.

www.bpcplc.com

 

 

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