Director's Loan Repayment

RNS Number : 2164J

Westmount Energy Limited

27 June 2017

 

Westmount Energy Limited

("Westmount" or the "Company")

Director's Loan Repayment

Further to the announcements made on 8 February 2017 and 12 April 2017 relating to the Director's loan made by Mr Gerard Walsh to the Company, the Board of Westmount confirms that it has agreed to repay the remaining balance outstanding to Mr Walsh of £172,500. The original loan of £250,000 was granted by Mr Walsh to allow the Company to complete its investment in Eco (Atlantic) Oil & Gas Ltd and was unsecured, interest-free and repayable within 60 days of written request.

Repayment is considered a related party transaction under the AIM Rules for Companies. The Board of Westmount, excluding Mr Walsh, having consulted with Cenkos Securities plc as the Company's Nominated Adviser, considers the terms of this transaction to be fair and reasonable in so far as the Company's shareholders are concerned.

Following on from the successful open offer and subscription in May 2017 the Board has continued to review a number of investment opportunities and believes the Company is currently well placed to execute further investments in the energy space. The Board looks forward to updating investors when appropriate.

Westmount Energy Limited	www.westmountenergy.com
David King, Director	Tel: [phone]
Cenkos Securities plc  Nomad and Broker	Tel: [phone]
Nicholas Wells / Elizabeth Bowman (Corporate Finance)

 

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