Issue of Equity and Appointment of Directors

RNS Number : 9101S

Westmount Energy Limited

29 November 2011

 



Westmount Energy Limited

("Westmount" or the "Company")

Issue of Equity and Appointment of Directors

Issue of Equity

The Board of Westmount are pleased to announce that they have entered into a conditional agreement to issue 2,200,000 new ordinary shares of 20 pence in the company to Mr Gerry Walsh and Mr Thomas O'Gorman at a price of 20 pence per share, a premium of 2 pence per share to the Company's undiluted NAV at the close of business on 25 November 2011, raising gross proceeds for the Company of £440,000. Following the share issue, Messrs Walsh and O'Gorman will own 22.6% of the issued share capital of Westmount.  The transaction will not constitute a change in the Company's existing investment strategy.

Appointment of Directors

Mr Walsh and Mr O'Gorman have experience in identifying and developing energy assets and companies and the Board believes that they can provide considerable expertise to the Company in this role. Accordingly, following the subscription, they will be both be appointed to the Board of the Company.

Gerard Walsh (48) has been or is currently a director of the following companies in the past five years;

Current Directorships - GW Management Ltd, Primary Resources Ltd and Tradefex Ltd

Previous Directorships -  Gwalia Resources Limited resigned April 2008

 Thomas O'Gorman (59)

Current Directorships - Balbairde Capital Ltd and Mayos Gold Ltd

Previous Directorships - Cove Energy plc (formerly Lapp Plats plc) resigned July 2009

Midas Mineral Resources Limited resigned December 2009

Save as disclosed above, there are no further details required to be disclosed pursuant to schedule 2 (g) of the AIM Rules for companies

Enquiries

Westmount Energy Limited

Paul Anderson -  01534 814209

Mervyn Bradlow -  

Nicholas Wells / Elizabeth Bowman - Cenkos Securities plc Tel: [phone]

 

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