Petroleum Africa
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Friday, January 2, 2015
Oando Energy Resources Inc. (OER) received approval from the TSX for the listing of 344,673,441 previously issued warrants to acquire 344,673,441 common shares of OER at a price of $1.80 per common share until July 30, 2016, subject to acceleration and usual adjustments. The listing of the warrants is expected to enhance market liquidity of OER’s currently listed common shares and reduce the holdings of the company’s controlling shareholder, Oando Plc, to the extent that warrants are exercised by holders other than Oando Plc. The warrants are expected to commence trading on the TSX on or about January 8, 2015 under the symbol “OER.WT”.
In order to meet the TSX’s public distribution requirements for listing of the Warrants, a wholly-owned subsidiary of Oando Plc transferred 100 Warrants to each of 103 employees of Oando Plc for no consideration and on the basis that each employee has voluntarily accepted such warrants.
As a result of the transfer of warrants described above, the wholly-owned subsidiary of Oando Plc now holds 325,382,569 warrants. Pursuant to an undertaking to be given to the TSX in connection with listing the warrants, Oando Plc and its subsidiaries are restricted from exercising any warrants to the extent that such conversion would result in Oando Plc’s direct and indirect ownership of common shares of OER exceeding 94.6%.
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