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24 Mar 2011
Admission to trading on AIM
First Day of Dealings
Sirius is pleased to announce that the Company’s shareholders have approved all the resolutions at the General Meeting held yesterday. Sirius Ordinary Shares will be admitted to trading on AIM with first dealings expected to commence at 8.00am today. The Company’s ticker will be: SRSP.L. Strand Hanson Limited is Nominated Adviser and Broker.
Summary
· On Admission, the Company’s strategy will be to identify suitable investments in the oil and gas sector
· The Company has raised £3.4million (before expenses) via a Subscription of 68,000,000 new Ordinary Shares at 5 pence per share. In addition, £100,000 of loans have been converted into 2,000,000 new Ordinary Shares at 5 pence per share.
· Net proceeds will be used to meet on-going costs and to investigate potential investments and to provide the Company with general working capital.
· The Company intends to utilise as consideration, where appropriate, the issue of new Ordinary Shares or the cash proceeds of an issue of new Ordinary Shares.
· The first acquisition is intended to be a Reverse Takeover (and therefore will require shareholder approval) to provide the Company with an operating business.
Toby Hayward, CEO of Sirius, said:
“Our focus is to secure the first oil and gas asset and build on the strategy which we believe will deliver significant value for shareholders. I would like to thank our shareholders for their considerable patience whilst the Company’s shares were suspended from trading on AIM and support for the admission to AIM and we look forward to updating the market with our progress in due course.”
Capitalised terms in this announcement carry the same meaning as defined within the Admission Document, as sent to Shareholders on 28 February 2011, unless the context requires otherwise.