28 Feb 2014 17:00
28 February 2014
Mercom Oil Sands Plc (AIM: MMO)
("Mercom" or "the Company")
Issue of Equity
Total voting rights
Investing policy update
Issue of equity
Mercom announces that it has issued 10,000,000 new Ordinary Shares ("New Shares") as payment of commission in respect of the placing of 200,000,000 new Ordinary Shares effected in October 2013. Application has been made for the New Shares to be admitted to trading on AIM ("Admission"). Admission is expected to occur on or around 6 March 2014.
On Admission, the New Shares will rank pari passu with the existing Ordinary Shares in the Company.
Total voting rights
Following Admission, the Company's enlarged issued share capital will comprise 561,839,801 Ordinary Shares with one voting right per share. There are 10,000,000 Ordinary Shares in treasury. The total number of voting rights in the Company is therefore 551,839,801.
The above figure of 551,839,801 may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure and Transparency Rules.
Investing policy update
Since the adoption of the investing policy at the General Meeting on 24 May 2013 , the Directors have actively reviewed several potential investment opportunities none of which have merited follow-up, other than three opportunities in Vietnam and North America which the Company is currently undertaking due diligence on. The Company is required under AIM Rule 15 to make an acquisition or acquisitions which constitute a reverse takeover under the AIM Rules or otherwise implement its investing policy by 24 May 2014, failing which the Ordinary Shares would then be suspended from trading on AIM.
Enquiries:
Northland Capital Partners Limited Edward Hutton / Luke Cairns | +44 (0) 20 7382 1100 |