Black Rock Oil and Gas confirms £2 million cash injection
17 December 2008
Black Rock Oil & Gas has agreed the terms of a £2 million cash injection that will see existing shareholders heavily diluted.
Cetus Investment Resources Inc will subscribe conditionally £2,000,000 for 200,000,000 new Ordinary Shares at 1p per share representing 86.147 per cent. of the enlarged issued share capital of Black Rock.
Cetus Investment has also conditionally committed to provide between £5 million and £10 million, subject to commercial and technical evaluation, for the next stage of Black Rock's exploration, appraisal and well development programme in Colombia.
Cetus Investment is a newly-formed company established specifically to make the investment in Black Rock and is a wholly-owned subsidiary of Zaver Petroleum International Inc. Zaver Petroleum's principal asset is its 55 per cent. interest in Orient Petroleum International Inc., an established oil and gas development and production company with operations in Pakistan.
On completion of the First Subscription, Peter Kitson and Christopher Moore will resign from the Board. Arif Kemal, Hasan Ali Hashwani, Rustom Bejon Kanga and Kamran Ahmed as representatives of Cetus Investment will join the Board as non-executive directors.
The deal requires shareholder approval, however the statement warned that should the proposals not be approved by the shareholders then absent another deal, Black Rock Oil and Gas may have no future and could become insolvent by virtue of its financial position.
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