Share Subscription Raises £519,093
27 April 2016
Highlands Natural Resources plc ('Highlands' or 'the Company')
Share subscription raises £519,093
Highlands, the London listed oil and gas company, is pleased to announce that it has raised £519,093 before expenses through the subscription by an existing shareholder for 2,883,849 new ordinary shares of 5p each (the 'Subscription Shares') at a price of 18p per Subscription Share (the ' Subscription ').
The funds raised will be used in line with the Company's strategy to capitalise on the current oil and gas environment through the acquisition and commercialisation of oil and gas assets and technology. Recent announcements have demonstrated the strength of activity being undertaken by Highlands and Schlumberger in relation to commercialising DT Ultravert, a diverter technology of which Highlands owns 75% of the patent filings, which enhances well output at a fraction of the cost of drilling a new well. These additional funds will support the Company as it continues its discussions relating to acquiring refrac candidate wells and as commercial tests commence in June 2016. Additionally, the Company is now better positioned to undertake initiatives at its recently acquired acreage including the 1,972 acre Gravity Prospect in North Dakota and the 33 mining claims covering 1,219 acres in Utah. In the latter, Highlands' evaluation of oil and gas well logs uncovered a potential uranium discovery, which the Board believes has the possibility to be mined via an in-situ solution mining process.
Highlands CEO Robert Price said, "Based on our current corporate running costs, these additional funds will cover our overheads through to the end of 2017 whilst we develop the Company. Over the coming weeks we will be updating the market regarding the tests in Colorado for DT Ultravert, completion of a new well at the Gravity Prospect, and our discussions related to our pursuit of in-situ mining techniques and for the acquisition of natural gas and helium rights at the Helium Prospect. I hope investors will share in our excitement as we deliver on these milestones."
Admission and Total Voting Rights
Application will be made for admission of the 2,883,849 Subscription Shares to trading on the Official List of the UK Listing Authority by way of a Standard Listing and to trading on the London Stock Exchange's Main Market for listed securities ('Admission'). It is anticipated that Admission will occur and dealings will commence in the New Ordinary Shares on 11 May 2016. The Subscription Shares will rank pari passu with the existing ordinary shares of 5p each ('Ordinary Shares').
Following Admission, there will be 32,707,349 Ordinary Shares in issue with each share carrying the right to one vote. There are no shares currently held in treasury. The total number of voting rights in the Company therefore will be 32,707,349 and this figure may be used by shareholders as the denominator for the calculations by which they determine if they are required to notify their interest in, or a change to their interest in, the Company under the Financial Conduct Authority's Disclosure Rules and Transparency Rules.
**ENDS**
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