Eco Atlantic , the oil and gas exploration company focused on the offshore Atlantic Margins, announces, further to its announcement of 20 December 2022, that 21,060,000 new Common Shares have been issued to the Lunn Family Trust (the "Consideration Shares") as consideration for the acquisition, by its wholly owned subsidiary Azinam Limited ("Azinam "), of an additional 6.25% Participating Interest in Block 3B/4B, offshore South Africa from the Lunn Family Trust (the "Vendor"), one of the shareholders of Ricocure (Proprietary) Limited ("Ricocure") (the " Acquisition ") . Eco now holds a 26.25% participating interest in the block.
It is noted that 8,065,000 of the Consideration Shares will be subject to a special lock up agreement restricting the sale or transfer of all or any portion of the Restricted Shares until the earlier of (i) signature of a farmout agreement between the Block JV partners and a third party; or (ii) March 15th, 2023. In addition, all of the Consideration Shares will all be subject to a restrictive hold period of four months and one day from the day of their issuance (the "Hold Period"), which restricts them from being sold, transferred, hypothecated or otherwise traded through the facilities of the TSX Venture Exchange (the "TSXV") or otherwise in Canada or to a Canadian during the Hold Period without the prior written approval of the TSXV and compliance with all applicable securities laws.
Admission of the Common Shares
Application has been made for admission of the Consideration Shares, which will rank pari passu with existing Common Shares, to trading on AIM ("Admission"). It is expected that Admission will become effective, and trading will commence on or around 8.00 a.m. on 28 December 2022.
Following Admission of the Consideration Shares, the enlarged issued share capital of the Company will be 365,923,838 Common Shares. The above figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company.