Nostra Terra, the international oil & gas exploration and production company with development and production assets in Texas, U.S., has announced a successful fundraise supported by institutional investors, Directors and Management, existing shareholders and new investors.
Nostra Terra has raised £500,000 (before expenses) through a subscription and placing of 2,173,913,042 new ordinary shares at a price of 0.023p per share
The company has embarked on a major workover and development program at its principal producing asset at Pine Mills. It has successfully delivered on the first phase of the workover program during September and October 2024 which increased oil production by 30 bopd above that in August 2024. Net proceeds from this Fundraise will be used to accelerate the planned second phase workover program on four additional wells to deliver further potential significant increases in production and cash flow in the near term.
“Today’s fundraise is an important next step in the rebuilding of NTOG as it enables us to accelerate the second phase workover program in Pine Mills following on immediately after the very successful first phase and so deliver further potential significant increases in production, improved net backs and increased cash flow, all the more quickly,” said Paul Welch, CEO of Nostra Terra. “I would like to thank those shareholders and new institutional investors who supported the fundraise, and I look forward to updating everyone on our operational progress over the coming months.”
Application for admission and total voting rights
An application will be made to the London Stock Exchange for the 2,173,913,042 Fundraise Shares to be admitted to trading on AIM. It is expected that admission will become effective on or around 27 November 2024.
In accordance with the FCA’s Disclosure Guidance and Transparency Rules, Nostra Terra confirms that on issue of the fundraise shares and following Admission, the company’s enlarged issued ordinary share capital will comprise 4,775,433,574 ordinary shares.
Nostra Terra does not hold any ordinary shares in Treasury. Therefore, following Admission, the above figure may be used by shareholders in the company as the denominator for the calculations to determine if they are required to notify their interest in, or a change to their interest in the Company, under the FCA’s Disclosure Guidance and Transparency Rules.
Director participation
The following Directors of the Company have subscribed for Fundraising Shares (the “Director’s Subscription”):
*including 255,000,000 existing ordinary shares held by Dos Hermanos International, LLC, of which Mr. Newman is a principal.
The subscription by the Directors in the Fundraise, as outlined above and when aggregated with past subscriptions in the last 12 months, are related party transactions under the AIM Rules for Companies. Accordingly, John Stafford, the independent director, having consulted with the Company’s nominated adviser, SP Angel Corporate Finance LLP, considers the terms of the Director’s Subscription to be fair and reasonable insofar as shareholders are concerned.