Reabold Resources plc has completed its £1 million acquisition in cash and shares of Simwell Resources Ltd.
ADJUSTMENT OF TERMS
Simwell holds minority interests in four UK licences with partners Shell UK Ltd, Horizon Energy Partners Ltd and Ardent Oil Ltd in the Southern North Sea.
The sales and purchase agreement (SPA) announced in September 2022, was subject to adjustment of certain expenses incurred by Simwell during the period between signing the SPA and completion of the transaction.
The revised consideration, including outstanding creditors/liabilities, payable by Reabold is an initial consideration of £363,835.76 through the issue of 134,753,985 new ordinary shares.
A further £305,157.71 to certain Simwell creditors will be met by the issue of 113,021,374 new ordinary shares.
Additionally, £373,398.36 cash is payable to certain Simwell creditors. The deferred consideration remains the same.
On admission, the total issued share capital of the company will consist of 9,177,387,909 ordinary shares each with voting rights. Reabold holds no ordinary shares in treasury.