Reabold Resources : Update on Proposed Equity Swap and Placing

28 October 2019

Reabold Resources Plc

('Reabold' or the 'Company')

Update on Proposed Equity Swap and Placing

Reabold, the AIM investing company which focuses on investments in pre-cash flow upstream oil and gas projects, provides the following update on the Proposed Equity Swap in advance of the General Meeting of the Company to be held today.

The Company has significantly progressed discussions with certain Existing Rathlin Shareholders regarding the Proposed Equity Swap and the Board continues to expect that the transaction will complete on the terms described in the Circular.

Certain legal and administrative issues have caused a delay to entering into a binding Equity Swap Agreement. Accordingly, the Company will not be issuing any new Ordinary Shares in connection with the Proposed Equity Swap on 29 October 2019. Subject to shareholder approval, the Company will be issuing and allotting the Placing Shares as planned.

Notwithstanding the significant progress made to date, there can be no assurance that the Proposed Equity Swap will be completed.

Further announcements will be in due course.

Unless defined in this announcement, defined terms used in this announcement have the same meaning as set out in the Circular issued by the Company on 10 October 2019.

For further information please contact:

Reabold Resources plc Stephen Williams Sachin Oza	c/o Camarco [phone]
Strand Hanson Limited (Nominated and Financial Adviser) James Spinney Rory Murphy James Dance	[phone]
Stifel Nicolaus Europe Limited (Sole Bookrunner to the Placing) Callum Stewart Nicholas Rhodes Ashton Clanfield	[phone]
Camarco James Crothers Ollie Head Billy Clegg	[phone]
Whitman Howard Limited(Joint Broker) Nick Lovering Grant Barker	[phone]
Turner Pope Investments (TPI) Ltd(Joint Broker) Andy Thacker Zoe Alexander	[phone]

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.