RNS Number : 2805M
Upland Resources Limited
26 April 2024
 

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN.

This announcement is not an offer for sale, or a solicitation of an offer to acquire, securities in any jurisdiction, including in or into the United States, Canada, Australia, or Japan.  Neither this announcement nor any part of it shall form the basis of or be relied on in connection with or act as an inducement to enter into any contract or commitment whatsoever.

 

26th April 2024

UPLAND RESOURCES LIMITED (LSE:UPL)

("Upland" or the "Company")

 

INSTITUTIONAL PLACING & APPOINTMENT OF JOINT BROKER

The Company is pleased to announce the completion of an equity placing to raise $4m ("the Placing"). The Placing was arranged and cornerstoned by OAK Securities, who have also been appointed as Joint Broker to the Company.

The Placing has raised gross proceeds of $4 million ("the Proceeds") at a price of 3.3 pence per new ordinary share ("Placing Price"). The net Proceeds of the Placing will provide the Company with sufficient capital to support its business plans, including drilling a well.

This follows the announcement by the Company on 22nd April that it has signed an LOI on a potential Joint Venture with a strategic partner with strong financial and technical capabilities, and that the Company has now placed a deposit and signed a Rig Reservation Agreement with Huisman Geo BV, on the LOC 400-6, New Generation compact rig with horizontal drilling and completion capabilities.

Bolhassan Di, Upland Chairman and CEO commented:

"I am very pleased to welcome two respected institutional investors in the natural resources sector onto our share register together with our new Joint broker OAK Securities and the support of one of our largest strategic shareholders.

This institutional investment supports our current operations and business plan, including drilling a well. We look forward to updating the market on developments over the coming weeks."

 

 

 

Admission

Admission of the new Ordinary Shares to the Official List (standard listing segment) and to trading on the London Stock Exchange's Main Market is expected by Monday 6th May.

 

Total Voting Rights

Following the Placing, the Company's total number of Ordinary Shares in issue will be 1,308,358,069. This figure may be used by shareholders as the denominator for the calculation to determine if they are required to notify the Company of their interest in, or a change to their interest in, the Company's securities in accordance with the FCA's Disclosure and Transparency Rules.

 

For further information, please contact:

Upland Resources Limited 

Bolhassan Di

Chairman and CEO

Tel: +60 198  861919 

bolhassan@upland.energy bolhassan@uplandbigoil.com.my

www.upland.energy

Optiva Securities - Joint Broker 

Christian Dennis

Tel:  +44 (0)20 3137 1903
christian.dennis@optivasecurities.com 

www.optivasecurities.com  

OAK Securities - Joint Broker 

Jerry Keen

Henry Clarke

Tel: +44 (0)20 3973 3678

Jerry.keen@oak-securities.com

Henry.clarke@oak-securities.com

www.oak-securities.com

 

OAK Securities is a Corporate Broker in the UK specialising in the natural resources sector. The cornerstone investment was made by a Principle of OAK Securities.

OAK Securities is a trading name of Merlin Partners LLP OC317265. Merlin Partners is Authorised and Regulated by the Financial Conduct Authority: 449191. 

Registered Office: 90 Jermyn Street, London SW1Y 6JD, United Kingdom.

 

**ENDS**

 

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