Polemos PLC Amendment to proposed Oyster Oil & Gas investment (6610I)

TIDMPLMO

RNS Number : 6610I

Polemos PLC

21 June 2017

21 June 2017

Polemos plc

("Polemos" or "the Company")

Amendment to proposed investment into Oyster Oil and Gas Limited

The Directors of Polemos announce that, further to the announcement of 1 June 2017, the Company has amended the terms of its investment into TSX-V listed Oyster Oil and Gas Limited ("Oyster") (the "Investment"). Whilst the amount investment remains materially as announced on 1 June 2017, the Investment is now being structured as a Convertible Loan Note on the following terms:

   --     Oyster has issued Polemos a convertible loan debentures for a principal amount of CAD867,500 (approximately GBP500,000) (the "Loan"); 
   --     The Loan will accrue interest at 10% per annum; 

-- The Loan is convertible at the lesser of CAD0.50 per Oyster common share (an "Oyster Share") or a 20% discount to the first offering price of Oyster's Shares on AIM, subject to compliance with the rules of the TSX-V;

-- The Loan is repayable either one year from issue or five day's following the admission of Oyster's Shares to AIM; and

-- 433,750 warrants, whereby each warrant entitles Polemos to subscribe for a new common share for a period of one year from issue at a price of CAD0.55 per Oyster Share.

Based on an enlarged issued share capital of Oyster of approximately 44.8 million shares, the Investment, if exercised immediately, would result in Polemos acquiring a 3.9% equity interest in Oyster.

The Investment is nearing completion but remains subject to certain closing conditions, including, but not limited to, the receipt of applicable regulatory approvals in Canada and the completion of required regulatory filings with the TSXV.

Oyster has also announced that it intends to list its Common Shares on the AIM Market of the London Stock Exchange and is in the process of engaging advisers in this regard.

About Oyster

Oyster is listed on the TSV Venture Exchange (TSX-V: OY) and is an international energy group focused on oil and gas exploration and production activities in underexplored hydrocarbon basins. Oyster currently operates 4 blocks in the Republic of Djibouti (100% interest); 3 blocks are located onshore and 1 block offshore, and it also operates a 100% working interest in a large onshore block in the Republic of Madagascar.

Further information is available on Oyster's website: http://www.oysteroil.com

   -      Ends - 

For further information, please contact:

 
Polemos plc                       [phone] 
 Hamish Harris                     0640 
Beaumont Cornish Limited (Nomad   [phone] 
 and Broker)                       3396 
 James Biddle                      www.beaumontcornish.com 
 Roland Cornish 
Peterhouse Corporate Finance 
 (Joint Broker)                   [phone] 
 Lucy Williams                     0930 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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June 21, 2017 02:00 ET (06:00 GMT)