THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY PETRO MATAD LIMITED TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE UK VERSION OF THE MARKET ABUSE REGULATION (EU) NO. 596/2014 AS IT FORMS PART OF UNITED KINGDOM DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 ("UK MAR"). ON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE ("RIS"), THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.
2 August 2021
Petro Matad Limited
("Petro Matad" or the "Company")
Receipt of subscription funding and repayment of loan
Petro Matad Limited ("Petro Matad" or "the Company"), the AIM quoted Mongolian oil company provides the following update.
Receipt of subscription funds from major shareholder Petrovis and repayment of loan
Following completion of the share placing which the Company announced on 14 July 2021, and in accordance with the terms of the loan agreement through which Petrovis Matad Inc ("Petrovis", the Company's founding and major shareholder), had agreed to fund the Company whilst it secured the Block XX Exploitation Licence, Petro Matad has now used part of the placing proceeds to repay to Petrovis US$459,000, being the full amount drawn on the loan plus interest.
As part of the subscription for shares in Petro Matad, which was also announced on 14 July 2021, the Company confirms that it has now received from Petrovis the US$2,100,000 which Petrovis has agreed to subscribe for 43,321,299 new ordinary shares in the Company pursuant to its subscription. Completion of the subscription is conditional on the passing of the resolutions to be proposed at the Company's extraordinary general meeting to be held on Thursday 5 August 2021.
For more information, please contact:
Petro Matad Limited
Mike Buck, CEO
+976 7014 1099 / +976 7575 1099
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Shore Capital (Nominated Adviser and Broker)
+44 (0) 20 7408 4090
FTI Consulting (Communications Advisory Firm)
+44 (0) 20 3727 1000
About Petro Matad
Petro Matad is the parent company of a group focussed on oil exploration, as well as future development and production in Mongolia. At the current time, Petro Matad holds 100% working interest and the operatorship of two Production Sharing Contracts with the Government of Mongolia. Block XX has an area of 218 square kilometres in the far eastern part of the country and Block V has an area of 7,937 square kilometres in the central western part of the country.
Petro Matad Limited is incorporated in the Isle of Man under company number 1483V. Its registered office is at Victory House, Prospect Hill, Douglas, Isle of Man, IM1 1EQ.