Subscription for New Shares
20 5월 2009 - 12:19AM
UK Regulatory
TIDMTMAN
RNS Number : 5230S
Timan Oil & Gas Plc
19 May 2009
Timan Oil & Gas plc ("Timan" or the "Company")
Subscription for New Shares
Timan announces that on 18 May 2009 it entered into an agreement with Tadco
Overseas Business Management Ltd ("Tadco") for the subscription by Tadco of
8,400,000 new ordinary shares of 0.1p each in Timan ("Ordinary Shares") at a
price of 8.13 pence per Ordinary Share to raise GBP682,920 gross proceeds (the
"Subscription") to be used for general working capital purposes. The new
Ordinary Shares represent approximately five per cent. of the existing issued
ordinary share capital.
The Subscription will be in three tranches, each of 2,800,000 new Ordinary
Shares and conditional upon admission of the shares to trading on AIM
("Admission"). Admission of the three tranches of shares is expected to occur
on 22 May 2009, 29 May 2009 and 5 June 2009. On Admission, the new Ordinary
Shares will rank pari passu with the existing issued ordinary shares.
Tadco is a Jersey registered company beneficially owned by Mr Parvis Hakim-Rad.
Following the completion of the Subscription (being the Admission of the third
tranche of new Ordinary Shares) there will be 176,542,518 Ordinary Shares in
issue and admitted to AIM. The new Ordinary Shares issued as a result of the
Subscription will represent 4.76 per cent. of the enlarged issued share capital.
Enquiries:
Timan Oil & Gas plc
Alexander Kapalin, Chief Executive Officer
Boris Litvak, Non-Executive Chairman
+7 495 223 3390
Strand Partners Limited
Rory Murphy/Simon Raggett
+ 44 (0) 20 7409 3494
This information is provided by RNS
The company news service from the London Stock Exchange
END
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