Completion of Direct Equity Subscription
Completion of US$7.7 million equity subscription by existing Israeli shareholders; Admission to AIM on 20 October 2026.
- Subscription amount US$7.7 million
- New common shares issued 18,000,000
- Issue price per share 32.5 pence (CAD 0.61)
- Total issued share capital post-Admission 367,709,027 Common Shares
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596/2014 AS IT FORMS PART OF UNITED KINGDOM DOMESTIC LAW ("MAR").
ECO (ATLANTIC) OIL & GAS LTD.
("Eco", "Eco Atlantic", "Company" or, together with its subsidiaries, the "Group")
Completion of Direct Equity Subscription of US$7.7 million
Eco (Atlantic) Oil & Gas Ltd. (AIM:ECO, TSX-V:EOG) is pleased to confirm, that further to its announcement on 13 October 2026, following conditional approval from the TSX Venture Exchange (the “TSX-V”), all conditions save for Admission have been satisfied, pursuant to the previously announced Subscription of 18,000,000 new common shares (the "Subscription Shares") at an issue price of 32.5 pence (CAD 0.61) per share. Admission of the Subscription Shares to AIM will now take place at 8.00 a.m. (BST) on 20 October 2026 (“Admission”).
The Subscription Shares have been subscribed for by existing shareholders of the Company: Jerusalem Report Publications Limited, an Israeli investment group controlled by Eli Azur, whose interests include an approximate 25% interest in Tamar petroleum Ltd., a partner in the Tamar gas project offshore Israel in the Eastern Mediterranean and Agility Fund Management, one of Israel’s leading hedge fund managers.
The net proceeds of the Subscription will be used to further strengthen the Group’s financial position as it progresses and enhances its portfolio of assets and exploration activities.
Following Admission the issued share capital of the Company will be 367,709,027 Common Shares, each carrying the right to one vote. The Company does not hold any Common Shares in treasury. Therefore, the total number of voting rights in the Company will be 367,709,027. The above figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company.
Full terms of the non-brokered Subscription can be found in the Company's announcement titled "Direct Equity Subscription of US$7.7 million" dated 13 October 2026, and all defined terms used in this announcement shall have the same meaning as in that announcement unless otherwise defined herein.
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.