8th January 2020
Petrel Resources plc
("Petrel" or "the Company")
Update on Non-Receipt of Funds
Further to the 21 November 2019 EGM, the directors of Petrel Resources plc wish to update shareholders that payment for the second tranche of shares to the "Tamraz group", expected by 6th January 2020, has not yet been received. The shares have been issued and allotted, but not yet delivered in the form of share certificates to the intended shareholders. These certificates are being retained by Petrel Resources plc until payment is received.
Separately, the directors believe from their recent analysis of the Register that circa 4 million shares may have been sold over recent days in a possible breach of a lock-in entered into by the Tamraz group over their existing holdings of shares previously subscribed as a condition of the second tranche.
Petrel Resources plc is urgently seeking an explanation of both matters from the Tamraz group and reminding the parties concerned of their lock-in obligations, and an early resolution in the best interests of shareholders. As soon as there is anything further to report, a further announcement will be made.
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014. The person who arranged for the release of this announcement on behalf of the Company was Jim Finn, Secretary.
A copy of this announcement is available on the Company's website, at http://www.petrelresources.com/ or contact:
END
Enquiries:
Petrel Resources |
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John Teeling, Chairman |
+353 (0) 1 833 2833 |
David Horgan, Director |
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Nominated Adviser and Broker |
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Beaumont Cornish - Nominated Adviser
Felicity Geidt Roland Cornish |
+44 (0) 020 7628 3396
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Novum Securities Limited - Broker
Colin Rowbury |
+44 (0) 20 399 9400 |
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Blytheweigh - PR
Megan Ray
Madeleine Gordon-Foxwell |
+44 (0) 20 7138 3206 |
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Teneo Luke Hogg Alan Tyrrell |
+353 (0) 1 661 4055 +353 (0) 1 661 4055 |
