TIDMWTE
RNS Number : 0010K
Westmount Energy Limited
23 August 2019
The information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulation (EU) No. 596/2014. Upon the publication of this
announcement, this inside information is now considered to be in
the public domain.
This announcement does not constitute an offer to sell or the
solicitation of an offer to buy any securities of the Company and
for the avoidance of doubt this announcement is not an offer and
not capable of being accepted.
23 August 2019
WESTMOUNT ENERGY LIMITED
("Westmount" or the "Company")
Subscription to raise up to GBP5.0 million
The Board of Westmount is pleased to announce a conditional
subscription to raise gross proceeds of up to GBP5.0 million (the
"Subscription") through the issue of up to 38,461,538 new ordinary
shares of nil par value (the "Subscription Shares") at 13 pence per
share (the "Issue Price") to certain new and existing investors.
The proceeds of the Subscription will be used to pursue Westmount's
ongoing investment strategy, focused on the Guyana-Suriname Basin,
as well as for general corporate purposes.
Background to and reasons for the Subscription
Westmount's strategy continues to be to seek exposure to
opportunities in the prolific Guyana-Suriname Basin, a major
emerging hydrocarbon province where, since 2015, ExxonMobil and its
Stabroek Block partners have reported discovered recoverable
resources in excess of 6 billion oil-equivalent barrels and 13
successes out of 15 exploration wells. Through the Company's
existing portfolio of investments in the Guyana-Suriname Basin, the
Board believes that the Company will have exposure to between four
and seven funded wells over the coming 12-18 months, including the
recently announced Jethro-1 Oil Discovery well. The Board continues
to engage closely with its portfolio companies and other incumbents
in the region, and believes that there may be further investment
opportunities for the Company in the short to medium term with the
potential for a transformational transaction in due course.
Following completion of the Subscription and subject to various
approvals, it is expected that, on or around 30 August 2019,
Westmount will agree to acquire up to 313,500 common shares in
Cataleya Energy Corporation ("CEC") at a price of US$10.00 per
common share (the "Proposed Investment"). Should the Proposed
Investment proceed on these terms, Westmount would hold
approximately 5.4% per cent. of the fully diluted share capital of
CEC. The Company will make further announcements in respect of the
Proposed Investment in due course, as appropriate.
Details of the Subscription
The Company has received valid subscription applications in
respect of 35,344,615 Subscription Shares pursuant to the
Subscription, and expects to receive further valid subscription
applications in respect of up to 3,116,923 Subscription Shares by
2.00 p.m. on 27 August 2019.
Application has been made for the Subscription Shares to be
admitted to trading on AIM at 8.00 a.m. on 28 August 2019, and the
Company will make a further announcement in respect of the
Company's total voting rights following admission. The Subscription
Shares will rank, on issue, pari passu in all respects with the
existing issued ordinary shares and will be issued free from all
liens, charges and encumbrances.
The Subscription is conditional on admission of the Subscription
Shares becoming effective on or before 8.00 a.m. on 28 August 2019
(or such later date as may be notified by the Company but in any
event not later than 8.00 a.m. on 9 September 2019). The
Subscription is not subject to shareholder approval.
Related Party Transactions
Hargreave Hale Limited ("Hargreave Hale"), which holds
approximately 27.4 per cent of the Company's existing issued
ordinary share capital, and Gerry Walsh, Chairman, are deemed to be
related parties of Westmount pursuant to rule 13 of the AIM Rules
for Companies. Hargreave Hale and Mr Walsh have subscribed for
10,430,769 and 2,246,538 Subscription Shares respectively, which
therefore constitute related party transactions.
The independent directors of the Company (namely David King,
Thomas O'Gorman and Dermot Corcoran) consider, having consulted
with Cenkos Securities plc, the Company's nominated adviser, that
the terms of Hargreave Hale and Mr Walsh's subscriptions are fair
and reasonable insofar as the Company's shareholders are
concerned.
Assuming the total of 38,461,538 Subscription Shares are issued
pursuant to the Subscription, Mr Walsh will hold 10,921,538
Ordinary Shares, representing approximately 10.6% of the Company's
issued ordinary share capital.
For further information, please contact:
Westmount Energy Limited www.westmountenergy.com
David King, Director Tel: +44 (0)1534 823133
Jane Vlahopoulou
Cenkos Securities plc Nomad and Broker Tel: +44 (0)20 7397
8900
Nicholas Wells / Harry Hargreaves (Corporate
Finance)
Template for notification and public disclosure of transactions
by persons discharging managerial responsibilities and persons
closely associated with them
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Gerard Walsh
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2 Reason for the notification
--------------------------------------------------------------------------------
a) Position/status Chairman
--------------------------------------- ---------------------------------------
b) Initial notification Initial notification
/Amendment
--------------------------------------- ---------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
--------------------------------------------------------------------------------
a) Name Westmount Energy Limited
--------------------------------------- ---------------------------------------
b) LEI 213800GJISWVBB5S3L84
--------------------------------------- ---------------------------------------
4 Details of the transaction(s): section to be repeated
for (i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions
have been conducted
--------------------------------------------------------------------------------
a) Description of the Ordinary shares of no par value
financial instrument,
type of instrument
Identification code ISIN: GB00B0S5KR31
--------------------------------------- ---------------------------------------
b) Nature of the transaction Subscription for ordinary shares
--------------------------------------- ---------------------------------------
c) Price(s) and volume(s)
----------------- -----------------
Price(s) Volume(s)
----------------- -----------------
13 pence 2,246,538
-------------------------------------------------------------- -----------------
d) Aggregated information
- Aggregated volume 2,246,538
- Price GBP292,049.94
--------------------------------------- --------------------------------------------
e) Date of the transaction 22 August 2019
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f) Place of the transaction Outside of trading venue
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This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
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Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
IOEEAAPAAFLNEAF
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August 23, 2019 02:00 ET (06:00 GMT)
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