20th Feb 2023 18:12
Upland Resources Ltd - Malaysia-focused upstream oil and gas company - Agrees with Big Oil Ventures Sdn Bhd to increase its interest in the Sarawak joint venture from 20% to 45%. Its joint venture company Upland Big Oil Ventures Sdn Bhd are completing a joint technical study of license SK334 in Sarawak for submission later this year to Petroleum Sarawak Berhad. Upland will pay USD325,000 for its increased interest in UBO. The transaction is expected to close in March 2023.
Also obtains conditional commitments from unnamed investors to subscribe for 208.3 million shares of its shares at a price of 0.60 pence per share. This is on the basis that investors will receive a warrant to purchase one share for every two shares held at a price of 1.20p. These warrants would be exercisable for a period of 2 years from issue. This would raise gross cash proceeds of GBP1.3 million. Says it is in discussion with other investors for further fundraising under the same terms. Intends to use funds raised towards its activities in Sarawak, Malaysia.
Current stock price: 0.64p, up 21%
12-month change: up 218%
By Greg Rosenvinge, Alliance News reporter
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