Rose Petroleum plc (AIM: ROSE), the AIM-quoted natural resources business, is pleased to confirm the receipt of £300,000 pursuant to the subscription for 25,000,000 new ordinary shares at 1.2p per share, details of which were announced on 20 May 2019.
In addition, the Company is pleased to confirm the appointment of Colin Harrington as Executive Chairman of the Company, effective immediately.
Application has been made to the London Stock Exchange for the New Ordinary Shares to be admitted to trading on AIM (“Admission”). It is anticipated that the New Ordinary Shares will be issued and Admission will take place on or around 30 May 2019.
Upon Admission, Origin Creek Energy LLC (“OCE”) will have an interest in 25,000,000 ordinary shares of the Company, equivalent to 14.84% of the Company’s as enlarged issued share capital. Colin Harrington is indirectly the controlling shareholder of OCE.
Matthew Idiens, CEO of Rose, comments: “We are delighted to welcome Colin to Rose as a director and substantial shareholder. Colin brings a wealth of experience to the Company as it evolves and refines its growth strategy.
“Rose continues to engage with prospective farm-in partners for its Gunnison Valley property in Utah, USA, as well as screening other opportunities which offer a route to establishing cash generative production in the near term. With interim funding now in place and the assistance of the new Board members and advisers, the Company will continue to work on identifying the optimal path to deliver shareholder value.”
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