Mosman Oil and Gas Limited (AIM: MSMN) the oil exploration, development and production company, announces that following the proposed subscription by certain directors announced on 9 November 2018 (the 'Directors' Subscription'), the Executive Directors of Mosman have now subscribed for an aggregate of 40,000,000 new ordinary shares of no par value in the capital of the Company ('Subscription Shares') at a price of 0.275p per share plus a 1 for 2 warrant exercisable at 0.4p per share (the 'Warrants').
The Warrants will be exercisable within 24 months of issue.
The Directors' Subscription reflects exactly the same terms as the investment from external investors (also announced on 9 November 2018).
John W Barr has subscribed for a total of 20,000,000 ordinary shares of no par value ('Ordinary Shares') at a price of 0.275p. Following the subscription, John W Barr holds a beneficial interest in 30,100,001 Ordinary shares representing approximately 4.73 per cent. of the Company's enlarged issued share capital.
Andy R Carroll has subscribed for a total of 20,000,000 ordinary shares of no par value ('Ordinary Shares') at a price of 0.275p. Following the subscription, Andy R Carroll holds a beneficial interest in 21,876,500 Ordinary shares representing approximately 3.44 per cent. of the Company's enlarged issued share capital.
The Directors' Subscription described in this announcement is a related party transaction for the purposes of Rule 13 of the AIM Rules. John A Young, being the independent director of Mosman for the purposes of Rule 13, considers, having consulted with the Company's Nominated Adviser, SP Angel Corporate Finance LLP, that the terms of the related party transaction are fair and reasonable insofar as the shareholders of the Company are concerned.
Admission to AIM and Total Voting Rights
The Directors' Subscription is conditional on, inter alia, the Placing Shares being admitted to trading on AIM. Application has been made to the London Stock Exchange for the Placing Shares, which will rank pari passu with the Company's existing issued ordinary shares, to be admitted to trading on AIM and dealings are expected to commence at 8:00 a.m. on 11 December 2018.
Following the issue of the Placing Shares, the Company's total issued share capital will comprise 635,810,969 Ordinary Shares. Following admission, the Company's share capital and total voting rights will comprise 635,810,969 Ordinary Shares and the Company does not hold any shares in treasury.
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Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.
The notifications below, made in accordance with the requirements of the EU Market Abuse Regulation, provide further detail on the director's share dealing.