Borders & Southern Petroleum plc , a company that has illegally explored oil and gas in waters adjacent to the Malvina Islands, has announced a retail offer to raise up to £200,000, approximately $253,000, through the issue of new ordinary shares, for which “has made available up to 4,210,526 new ordinary shares at a price of 4.75 pence per share to its existing UK retail shareholders,” Investing.com reported.
This is the same company that in 2015, the Argentine government of Cristina Fernández de Kirchner initiated international criminal proceedings against, after having declared it illegal and inhibited from acting within the national territory; together with Falkand Oil and Gas Limited (FOGL), Argo, Rockhopper Exploration plc and Desire; in a judicial case that is being processed in the Federal Court of Río Grande, and that was abandoned by the actions that followed the former president, corresponding Mauricio Macri, Alberto Fernández in co-government with Cristina Fernández de Kirchner herself and now Javier Milei.
The offering is part of a broader fundraising initiative, which includes a separate sale and subscription of new ordinary shares, as detailed in a placement announcement published simultaneously. It should be noted that the retail offer is not conditional on the completion of the placement and subscription.
The offer price is at a discount of almost 3% to the closing price per ordinary share on February 19, which was 4.9 pence. As Investing.com notes, the offer is “subject to shareholder approval at a general meeting and the subsequent admission of the new ordinary shares to trading on the AIM market of the London Stock Exchange.” The new ordinary shares will begin trading on March 20.
The funds raised are intended to cover the payment of license fees and Discovery Area fees imposed by the occupying government, as well as technical, commercial, general and administrative studies. The company also intends to finance the progress of the Darwin project, Investing.com reported.
The retail offer is open to eligible investors in the UK and will close at 16:30 (London time) today. Financial intermediaries may set earlier deadlines for participation. Zeus Capital Limited will be the coordinator of the offer.
Borders & Southern has a 100 percent stake in three oil and gas licenses illegally granted to it by the occupying government of the Malvina Islands. The licenses cover an area of approximately 10,000 square kilometers located about 150 kilometers southeast of the islands, according to the ETF Daily News website.
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