Argos Resources Ltd Proposed Appointment of Liquidators & Cancellation (8960M)

TIDMARG

RNS Number : 8960M

Argos Resources Ltd

19 September 2023

19 September 2023

ARGOS RESOURCES LIMITED

("Argos" or "the Company")

Proposed Appointment of Liquidators and Cancellation

Argos Resources Limited (AIM: ARG.L) is pleased to provide the following update on the Company's proposed disposal of its PL001 Production Licence interests in the North Falkland Basin (the "Disposal") to JHI Associates Inc. ("JHI") and cancellation of Admission to trading on AIM ("Cancellation").

As previously notified, the Disposal and the Cancellation were approved by Shareholders at a general meeting of the Company held on 26 May 2023, and shareholder approval for the proposed winding up of the Company and the appointment of joint liquidators will be sought at the general meeting of the Company ("GM") to be held at Argos House, H Jones Road, Stanley, Falkland Islands at 5pm on 22 September 2023, Falkland Islands time (9pm, UK time).

The Company is pleased to confirm that the Falkland Islands Government has provided its consent to the transfer of Argos' PL001 Production Licence interests in the North Falkland Basin, and Argos and JHI are now working towards completion of the licence acquisition agreement ("LAA") in the coming days.

If the LAA is completed prior to the GM, and the resolutions proposed at the GM are duly passed, the Company will go into members voluntary liquidation ("Liquidation") immediately following the GM, as part of the planned process to enable a distribution of surplus assets to shareholders.

Assuming the Liquidation proceeds on 22 September 2023, the Cancellation will be processed and the Company's shares will be cancelled from Admission to trading on AIM with effect from 7am on 26 September 2023.

As the GM and proposed Liquidation will take place after market hours in the UK, the Company will provide further updates on the above matters at 7am on 25 September 2023.

The Company announces that its nominated adviser and broker has changed its name from Cenkos Securities plc to Cavendish Securities plc following completion of its own corporate merger.

For further information:

Argos Resources Limited ([phone])

www.argosresources.com

Ian Thomson, Chairman

John Hogan, Managing Director

Cavendish Securities PLC

Neil McDonald ([phone])

Derrick Lee ([phone])

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September 19, 2023 02:00 ET (06:00 GMT)