23rd Sep 2015 09:14
LONDON (Alliance News) - Sirius Petroleum PLC Wednesday said it has issued a large number of warrants and shares originally announced in June following shareholders giving the company approval at its annual general meeting.
Back in June, Sirius signed a contract with Havoc Partners LLP whereby Havoc would provide technical and commercial assessments to the company for any oil and gas assets the company was looking at potentially acquiring a stake in.
In return, Sirius was to issue warrants for over 100.0 million new shares in the company to Havoc at a conversion price of 2.0 pence per share. On Wednesday, those warrants were issued after shareholders approved the deal at the AGM at the start of August.
Sirius has also separately issued 60.0 million new shares to Greenlands Estate Holding Ltd at 0.8 pence per share. Those shares were issued as part of a deal struck back in 2014 with Greenlands, which is a long-term shareholder of the company, it said.
Both the 2.0 pence strike price and the 0.8 pence issue price are at a premium to the company's current share price, which was trading up 3.2% to 0.490 pence per share on Wednesday morning.
Those 60.0 million new shares issued to Greenlands represents a 3.7% stake in the company.
Sirius did not state what stake Greenlands would hold in the company following the transaction, but as of August 27, prior to the 60.0 million new shares being issued, Greenlands held a stake below 3% in the company and was not classed as a major shareholder.
By Joshua Warner; [email protected]; @JoshAlliance
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