Issue of Warrants
Company issues 255m warrants to directors and consultant with 0.20p exercise price and December 2026 expiry.
- Warrants issued 255,000,000
- Exercise price per warrant 0.20 pence
- Premium to closing price 54%
- Expiry date 31 December 2026
- Total warrants in issue post-grant 305,500,000
- Dilution if all exercised 10.42% of existing issued share capital
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Wildcat Petroleum Plc ("WCAT" or "the Company") a company targeting investment opportunities in businesses and assets within the upstream sector of the petroleum industry announces that it has granted 255,000,000 Warrants to Directors and a consultant to the Company to subscribe for new ordinary shares of £0.000028 each in the Company.
The Warrants have an exercise price of 0.20 pence per Warrant, which is a premium of 54% to the mid-point closing share price on 28 January 2025, and an expiry date of 31 December 2026. Warrants being issued are detailed below:
| Name | Position | Number of Warrants being issued | Total number of Warrants held including this issue* |
|---|---|---|---|
| Mandhir Singh | Director | 150,000,000 | 185,000,000 |
| Glyn Roberts | Director | 75,000,000 | 90,000,000 |
| Dr. Omar | Consultant | 30,000,000 | 30,000,000 |
* Warrants are held at different prices
Following the above issue of Warrants, the total number of Warrants in issue is 305,500,000 equating to 10.42% of the Company's existing issued share capital assuming full exercise of all warrants.
To align the Directors' interest with shareholders, the warrants being issued to the Directors Mandhir Singh and Glyn Roberts have been granted with performance conditions attached. The warrants are conditional on the Company completing a reverse takeover with a minimum market capitalisation of the enlarged group of £30 million. If the Company enters into a legally binding transaction, but the transaction has not completed prior to the expiry date, being 31 December 2026, there is an option for the warrants to be extended.
In recognition for his continued efforts involved in assisting to secure an investment opportunity, Dr. Omar, a consultant to the Company, has been granted warrants in lieu of fees to conserve the Company's working capital.
The exercise of the Warrants is conditional on the Company obtaining the necessary authorities to enable the exercise of the Warrants at the Company's general meeting of shareholders ("General Meeting").
| 1. | Details of the person discharging managerial responsibilities/person closely associated | |||||
| a) | Name: | Mandhir Singh | ||||
| 2. | Reason for the notification | |||||
| a) | Position/status: | Director | ||||
| b) | Initial notification/Amendment: | Initial notification | ||||
| a) | Name: | Wildcat Petroleum Plc | ||||
| b) | LEI: | 213800PPETBUU3UZRU78 | ||||
| a) | Description of the financial instrument, type of instrument: Identification code: | Ordinary Shares of 0.000028 pence each GB00BMQC7357 | ||||
| b) | Nature of the transaction: | Warrants | ||||
| c) | Price(s) and volume(s): |
| ||||
| d) | Aggregated information: Aggregated volume: Price: | Single transaction as in 4 c) above Price(s) Volume(s) 0.20 pence 150,000,000 | ||||
| e) | Date of the transaction: | 28 January 2025 | ||||
| f) | Place of the transaction: | Outside a trading venue | ||||
| 1. | Details of the person discharging managerial responsibilities/person closely associated | |||||
| a) | Name: | Glyn Roberts | ||||
| 2. | Reason for the notification | |||||
| a) | Position/status: | Director | ||||
| b) | Initial notification/Amendment: | Initial notification | ||||
| a) | Name: | Wildcat Petroleum Plc | ||||
| b) | LEI: | 213800PPETBUU3UZRU78 | ||||
| a) | Description of the financial instrument, type of instrument: Identification code: | Ordinary Shares of 0.000028 pence each GB00BMQC7357 | ||||
| b) | Nature of the transaction: | Warrants | ||||
| c) | Price(s) and volume(s): |
| ||||
| d) | Aggregated information: Aggregated volume: Price: | Single transaction as in 4 c) above Price(s) Volume(s) 0.20 pence 75,000,000 | ||||
| e) | Date of the transaction: | 28 January 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.