Sirius Petroleum has raised a total of £1,035,000 (net of fees) through a Placing of 250 million new ordinary shares and a Subscription of 25 million new ordinary shares with new and existing investors at 0.4 pence per share (the “Funding” and the “Funding Shares”).
New Funding to support the Ororo Field Well Permit Application
•In collaboration with Guarantee Petroleum and Owena Oil & Gas, the Company will initiate application process to the Department of Petroleum Resources Nigeria (“DPR”) for a Well Permit for the Ororo-2 well
•Company will commence work to obtain an up-to-date Environmental Impact Assessment (“EIA”)
•In addition, the outstanding Calvet Facility has been reduced by £500,000 resulting in less dilution of shareholders’ interests by 100 million shares and Calvet have agreed to a six month lock-in of its current shareholding
•Funding provides additional general working capital.