Reabold Resources (LON: RBD), the AIM investing company which focuses on investments in pre-cash flow upstream oil and gas projects, has provided the following update on the Proposed Equity Swap in advance of the General Meeting of the Company to be held today.
The Company has significantly progressed discussions with certain Existing Rathlin Shareholders regarding the Proposed Equity Swap and the Board continues to expect that the transaction will complete on the terms described in the Circular.
Certain legal and administrative issues have caused a delay to entering into a binding Equity Swap Agreement. Accordingly, the Company will not be issuing any new Ordinary Shares in connection with the Proposed Equity Swap on 29 October 2019. Subject to shareholder approval, the Company will be issuing and allotting the Placing Shares as planned.
Notwithstanding the significant progress made to date, there can be no assurance that the Proposed Equity Swap will be completed.
Reabold Resources state further announcements will be in due course.
