Mosman Oil and Gas has raised £300,000 (before expenses) to fund the delivery of its Refocussed Corporate Strategy via a placing of 200,000,000 new ordinary shares of no par value in the capital of the Company at a price of 0.15p per share with investors receiving one warrant to subscribe for a further new ordinary shares at an exercise price of 0.23p with a term of 12 months per Share subscribed for. The Placing is unconditional save for admission of the shares to trading on AIM.

In addition to the Fundraising, two Directors have indicated their intent to subscribe for up to a further AUD 120,000 on the same terms and conditions as the Placing in lieu of certain consultant and director fees due or owed for the year to 30 June 2020 to demonstrate their ongoing commitment to the Company.

Use of Proceeds

The Fundraising proceeds are expected to be applied towards the following: planned workovers at Stanley-1 and 2; the near term drilling programme at Stanley; evaluation and expansion into new projects in Texas in conjunction with Baja Oil & Gas LLC; progressing exploration at EP-145; and the payment of creditors and providing additional working capital.

Link to Mosman Australia country profile