Completion of £500,000 Fundraise
Nostra Terra raises £500,000 through share placing at 0.023p per share to fund Pine Mills workover programme.
- Fundraise amount £500,000
- Placing price 0.023p per share
- Number of new shares 2,173,913,043
- Pine Mills production target post-workover ca. 110 bopd
- Current Pine Mills production ca. 90 bopd
- Enlarged share capital post-admission 6,949,346,617 ordinary shares
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Nostra Terra (AIM: NTOG), the international oil & gas exploration and production company with development and production assets in Texas, USA, is pleased to announce a successful fundraise supported by institutional investors, Directors and Management, existing shareholders and new investors.
The Company has raised £500,000 (before expenses) through a subscription and placing of 2,173,913,043 new ordinary shares (the "Fundraise Shares") at a price of 0.023p per share (the "Placing Price") (the "Fundraise").
Paul Welch, Nostra Terra's Chief Executive Officer, said:
"I am pleased to announce that we have successfully completed a further £500,000 fundraise for the progression of our major operational program at the Pine Mills licence in East Texas. With three of the five workovers now completed, and production currently averaging ca.90 bopd over the last 5 days, this additional raise will enable us to finish the workover program, with production anticipated to reach ca. 110 bopd once this is done. Pine Mills continues to be a high-margin asset with considerable organic growth potential and today's funding news enables us to realise further value from the acreage.
"In closing, I would like to thank our new and existing shareholders for their support with this Fundraise. We have ambitious plans for this business, both organic and inorganic, and we look forward to sharing further updates with all our stakeholders in due course."
Application for Admission and Total Voting Rights
An application will be made to the London Stock Exchange for the 2,173,913,043 Fundraise Shares to be admitted to trading on AIM ("Admission"). It is expected that Admission will become effective on or around 10 March 2025.
In accordance with the FCA's Disclosure Guidance and Transparency Rules, the Company confirms that on issue of the Fundraise Shares and following Admission, the Company's enlarged issued ordinary share capital will comprise 6,949,346,617 Ordinary Shares.
Related Party Transaction
| Director | Subscription amount | Number of Fundraise Shares | Resultant shareholding | Resultant interest in enlarged share capital |
|---|---|---|---|---|
| Paul Welch | £15,000 | 65,217,391 | 116,231,884 | 1.67 |
| Jim Newman | £5,000 | 21,739,130 | 345,434,782 | 4.97 |
*including 255,000,000 existing ordinary shares held by Dos Hermanos International, LLC, of which Mr Newman is a principal.
The Director's Subscriptions are related party transactions for the purposes of AIM Rule 13 of the AIM Rules for Companies. The Director independent of the Fundraise, being Dr Stephen Staley, considers, having consulted with SP Angel Corporate Finance LLP, the Company's nominated adviser, that the terms of the Director's Subscription are fair and reasonable in so far as the Company's shareholders are concerned.
Premier Miton, a substantial shareholder in the Company, has subscribed for 391,304,348 Fundraise Shares in the Fundraise. The participation of Premier Miton in the Fundraise is also a related party transaction for the purpose of AIM Rule 13 of the AIM Rules for Companies. The Director independent of the Fundraise, being Dr Stephen Staley, considers, having consulted with SP Angel Corporate Finance LLP, the Company's nominated adviser, that the terms of the Premier Miton's participation is fair and reasonable in so far as the Company's shareholders are concerned.
| 1 | Details of the person discharging managerial responsibilities / person closely associated | |
| a) | Name | 1) Paul Welch 2) Jim Newman |
| 2 | Reason for the notification | |
| a) | Position/status | 1) Chief Executive Officer 2) Non-Executive Director |
| b) | Initial notification /Amendment | Initial notification |
| a) | Name | Nostra Terra Oil and Gas Company plc |
| b) | LEI | 213800JO9A4LO19YJ129 |
| a) | Description of the financial instrument, type of instrument Identification code | Ordinary shares of £0.0001 each |
| b) | Nature of the transaction | Fundraise of ordinary shares |
| c) | Price(s) and volume(s) | PDMR Price No. of shares Paul Welch £0.00023 65,217,391 Jim Newman £ 0.00023 21,739,130 |
| d) | Aggregated information - Aggregated volume - Price | N/A, single transaction |
| e) | Date of the transaction | 4 March 2025 |
| f) | Place of the transaction | Outside a trading venue |
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.