30th Dec 2019 09:54
(Alliance News) - Mosman Oil & Gas Ltd on Monday reported progress at GEM International Resources Inc, a Vancouver-based investee which recently raised new capital and conducted a debt for equity swap.
GEM raised CAD400,000, roughly GBP233,482, by issuing 8.0 million shares at five Canadian cents each.
Also, GEM completed a debt for equity swap for CAD270,000, meaning it has settled debt in exchange for new shares.
A remaining loan amount of CAD50,000 owed by GEM to Mosman has been repayed. Mosman now owns 1.8 million, roughly 9.0%, of the shares in GEM.
London-listed Mosman said: "GEM will now continue with its objective of securing an interest in a new project.
"Mosman is encouraged by this development and looks forward to the next step in GEM's revitalisation."
Mosman, based in Australia, owns the Amadeus Basin oil and gas project which covers areas in the Northern Territory and in Western Australia.
The company also has stakes in assets in Texas and Oklahoma in the US.
Shares in Mosman were 7.1% higher at 0.22 pence each in London on Monday morning.
By Eric Cunha; [email protected]
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