UPL.L

Upland Resources Limited (DI)
Upland Resources Ltd - Strategic Investor Subscription
9th September 2024, 06:00
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RNS Number : 3250D
Upland Resources Limited
09 September 2024
 

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN

 

This announcement is not an offer for sale, or a solicitation of an offer to acquire, securities in any jurisdiction, including in or into the United States, Canada, Australia, or Japan.  Neither this announcement nor any part of it shall form the basis of or be relied on in connection with or act as an inducement to enter into any contract or commitment whatsoever.

 

 

 

9th September 2024

 

UPLAND RESOURCES LIMITED

("Upland" or the "Company")

 

 

Strategic Investor Subscription

 

Upland Resources Limited (LSE: UPL), is pleased to announce that one of its strategic Malaysian investors, K Meranun, has approached the company to participate in an equity subscription at 1.4 pence for 42,857,142 new ordinary shares in aggregate. This being a 12% premium to the closing price on Friday 6th September.

K Meranun, a major shareholder and director in Tune Assets Limited, one of the Company's largest shareholders, has previously individually subscribed for 10,000,000 shares. K Meranun is highly regarded in Malaysia and his support is of great value to the Company.

The net proceeds of the subscription will provide the Company with £600,000 of additional working capital to support its immediate business plans in Sarawak.

Admission

Admission of the new Ordinary Shares to the Official List (standard listing segment) and to trading on the London Stock Exchange's Main Market is expected to be on or around September 18th, 2024.

Total Voting Rights

Following the Subscription, the Company's total number of Ordinary Shares in issue will be 1,369,805,271. This figure may be used by shareholders as the denominator for the calculation to determine if they are required to notify the Company of their interest in, or a change to their interest in, the Company's securities in accordance with the FCA's Disclosure and Transparency Rules.

**ENDS**

For further information, please contact:

 

Upland Resources Limited 

Bolhassan Di

Chairman and CEO

Gerry Murray COO

Tel: +60 198  861919 

bolhassan@uplandbigoil.com.my

gerry.murray@upland.energy

www.upland.energy

 

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