NOT FOR RELEASE, PUBLICATION
OR DISTRIBUTION IN WHOLE OR IN PART IN OR INTO THE UNITED STATES,
AUSTRALIA, CANADA OR JAPAN
This announcement is not an offer
for sale, or a solicitation of an offer to acquire, securities in
any jurisdiction, including in or into the United States, Canada,
Australia, or Japan. Neither this announcement nor any part
of it shall form the basis of or be relied on in connection with or
act as an inducement to enter into any contract or commitment
whatsoever.
28th May 2024
UPLAND RESOURCES
LIMITED
("Upland" or the
"Company")
Strategic Investor Share
Purchases
Upland Resources Limited (LSE: UPL),
is pleased to announce that two of our strategic Malaysian
investors have requested to participate in an equity Subscription
at 3.3 pence for 16,090,060 new ordinary
shares in aggregate.
This follows on from the Company's
announcement on 26 April 2024 of the Placing of new ordinary shares
that has raised £3,198,591 million at the
same price. This Placing was over-subscribed. With due
consideration the Board of the Company has decided to accept the
extra Placing requests.
The extra Subscription will add a
further £530,972 to the Placing.
The net proceeds of the Subscription will provide the Company with additional working
capital to support its immediate business plans in
Malaysia.
Strategic Investors
The Company's focus is now entirely
on Sarawak so we are delighted that one of our largest Malaysian
shareholders has decided to increase his holding in the Company. We
are also pleased to welcome another strategic Malaysian
investor.
M N B Zakaria, in aggregate between
the Placing and this extra Subscription, has added 60,606,060
ordinary shares to his existing holding of 125,674,475.
K Meranun, a major shareholder and
director in Tune Assets Limited one the Company's largest
shareholders, has subscribed to 10,000,000 shares.
M N B Zakaria & M Meranun are
both highly regarded in Malaysia and can facilitate significant
strategic opportunities for the Company.
Admission
Admission of the new Ordinary Shares
to the Official List (standard listing segment) and to trading on
the London Stock Exchange's Main Market is expected to be on or
around June 3rd 2024.
Total Voting Rights
Following the Subscription, the
Company's total number of Ordinary Shares in issue will be
1,324,448,129 This figure may be
used by shareholders as the denominator for the calculation to
determine if they are required to notify the Company of their
interest in, or a change to their interest in, the Company's
securities in accordance with the FCA's Disclosure and Transparency
Rules.
**ENDS**
For
further information, please contact: