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Thursday, July 14, 2016
Sirius Petroleum extended its stay on Nigeria’s for OML 95. The Nigerian Ministry of Petroleum granted Sirius a renewal for the license. OML 95 contains the Ororo Field.
The extension has an effective date of May 1, 2016 and is for three years. The renewal is conditional on the payment of a Renewal Fee of $500,000 by no later than July 29.
The company also revealed that it has received firm commitments from existing shareholders to raise aggregate funds of £500,000 before expenses to the issue of 200,000,000 new ordinary shares at an issue price of 0.25 per share. The funds being raised are being utilized specifically to pay the Renewal Fee and to progress the work on the Ororo field.
Pursuant to the placing it is expected that an application will be made for the admission of the placing shares to be trading on AIM. Settlement and Admission are expected to occur on or around the July 20.
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