NUOG Nu-oil And Gas Plc

TIDMNUOG

RNS Number : 4977X

Nu-Oil and Gas PLC

05 May 2021

5 May 2021

Nu-Oil and Gas plc

("Nu-Oil" or "the Company")

Update on Proposed Acquisition of GUARDIAN and

Cancellation of trading on AIM

Nu-Oil and Gas plc (AIM: NUOG), the AIM Rule 15 cash shell, is pleased to provide shareholders with an update on progress towards completing the proposed acquisition of Guardian Maritime Limited and Guardian Barriers IP Limited (together, "GUARDIAN"), the application for the admission of the enlarged ordinary share capital to the Official List by way of a Standard Listing under Chapter 14 of the Listing Rules ("Standard List") and to trading on the Main Market for listed securities of the London Stock Exchange ("Main Market"), proposed Board changes and cancellation from trading on AIM pursuant to AIM Rule 15.

Update on acquisition of GUARDIAN

The transaction to acquire GUARDIAN, as announced 8 March 2021, is progressing with the assistance of the Company's advisers and the draft prospectus is expected to be submitted to the FCA imminently. The parties remain committed to finalising the transaction as soon as possible and are targeting completion and admittance to trading on the Main Market towards the end of this quarter.

Proposed Board Changes

As part of augmenting the Company's expertise to be able to execute its new business plan efficiently and effectively, and further to the Company's announcement on 8 March 2021, it is now proposed that Mr. Philip Campion will assist the Company as a Brand Ambassador, where his experience, contacts and guidance can help support new product research and development as well as access channels for both product awareness and distribution to a large audience of relevant potential customers.

The Company proposes that Mr. Max Williams be appointed to the Board as a Non-Executive Director, on completion of the proposed GUARDIAN transaction. Max is a Chartered Accountant who has worked in the natural resources sector since 1994. Until 2019 he was CFO/Finance Director of Aminex PLC, an international oil and gas company listed on the London Stock Exchange. Since November 2019 he has been Finance Director of Great Western Mining Corporation plc, where he also acts as Company Secretary.

Cancellation of trading on AIM:

Further to previous announcements, Nu-Oil confirms that the cancellation of the admission to trading of the Company's ordinary shares on AIM will take effect from 7.00 a.m. today, 5(th) May 2021, in accordance with AIM Rule 41. It is not anticipated that trading in the Company's shares will resume until the GUARDIAN transaction has completed and the Company has been successfully admitted to the Standard List.

 
 Enquiries 
 Nu-Oil and Gas plc           Tel: +44 (0)203 7400 207 
 Jay Bhattacherjee 
 
 Strand Hanson Limited        Tel: +44 (0)20 7409 3494 
 Rory Murphy/Ritchie Balmer 
 
 Novum Securities Limited     Tel: +44 (0)20 7399 9425 
 David Coffman/Jon Belliss 
 
 

The information contained within this announcement is deemed by the Company to constitute inside information.

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May 05, 2021 02:00 ET (06:00 GMT)

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