Reabold Provides Update on Equity Exchange with Daybreak Oil and Gas

Source: www.gulfoilandgas.com 5/3/2022, Location: North America

Reabold, the AIM investing company which focuses on investments in upstream oil and gas projects, notes that, further to the planned Equity Exchange Agreement with Daybreak Oil and Gas ("Daybreak"), as announced by the Company on 21 October 2021 and 25 February 2022, Daybreak has announced that a Special Shareholder Meeting to vote on the transaction will take place on 20 May 2022.

Whilst this date falls after the extended long stop date for transaction of 29 April 2022, the equity exchange agreement will remain in place with completion, subject to approval at the shareholder meeting, and subject to Daybreak's raising of a minimum of $2.5 million via an equity raise, occurring at this time.

Upon completion of the Transaction, Reabold California will become a wholly-owned subsidiary of Daybreak, which, in exchange, will issue up to 160,964,489 Daybreak shares to Gaelic Resources Limited, a Company wholly-owned by Reabold. Consequently, Reabold will hold up to 46.5 per cent. of Daybreak's share capital as enlarged by the completion of the Transaction.

Unless defined in this announcement, defined terms used in this announcement have the same meaning as set out in the Company's announcement of 21 October 2021.


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