Silvermere Energy plc, the independent oil and gas company with assets in the Gulf of Mexico, is pleased to announce a subscription to raise £371,000 through the issue of 5,305,716 new Ordinary Shares of 0.1p each (Ordinary Shares) in the capital of the Company (the “Subscription”) at 7p per share (the “Subscription Price”) with existing and new investors.

The subscribers will be issued with warrants to subscribe for new ordinary shares exercisable for two years at a price of 9p per share on the basis of one warrant for every two new ordinary shares for which they subscribe.

The net cash proceeds of the Subscription will be used to fund the Company’s share of outstanding development costs in respect of pipeline and shore facilities at Mustang Island and for general working capital purposes.

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