Reabold, the investor in upstream oil and gas projects, is pleased to announce that, further to the Company's announcements of
The strategic investors have indicated their support of an initial public offering ('IPO'), reverse takeover ('RTO') or similar for Corallian, which is in line with Reabold's strategy of clearly identifying monetisation opportunities across its portfolio. The strategic investors have also signalled their intention to support Reabold in facilitating further potential strategic value creation opportunities across the wider Reabold portfolio.
As previously announced, the CLN will help to fund the submission of a draft Field Development Plan for the Victory gas field ('Victory'), which Corallian plans to submit prior to the end of 2021. The CLN, including interest at a rate of 15 per cent. per annum (accruing daily), will convert into new ordinary shares in Corallian ('Corallian Shares') within 21 months from
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Notes to Editors
As an investor in upstream oil & gas projects, Reabold aims to create value from each project by investing in undervalued, low-risk, near-term upstream oil & gas projects and by identifying a clear exit plan prior to investment.
Reabold's long term strategy is to re-invest capital made through its investments into larger projects in order to grow the Company. Reabold aims to gain exposure to assets with limited downside and high potential upside, capitalising on the value created between the entry stage and exit point of its projects. The Company invests in projects that have limited correlation to the oil price.
Reabold has a highly-experienced management team, who possess the necessary background, knowledge and contacts to carry out the Company's strategy.
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