Reabold Resources Increase Stake in Danube Petroleum

Updated 1 year 9 months ago

Reabold has entered into an agreement to increase its interest in Danube Petroleum via a subscription for new ordinary shares. Reabold has exercised its option to subscribe for 200,000 new shares in Danube at a price of £1.20 per share. Reabold retains the option to invest another £1.7 million in Danube at a fixed price of £1.20 per share. Following the subscription agreement, Reabold holds a 43.2% interest in Danube, which has a 100% working interest in the sole risk area within the Parta licence that includes IM-1, as well as 50 per cent. of the remainder of the Parta licence. For the year ended December 31, 2018, Danube recorded a loss for the period of £84,543. As of December 31, 2018, Danube reported net assets of £5.54 million.