Exercise of Warrants

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN
This announcement is not an offer for sale, or a solicitation of an offer to acquire, securities in any jurisdiction, including in or into the United States, Canada, Australia, or Japan. Neither this announcement nor any part of it shall form the basis of or be relied on in connection with or act as an inducement to enter into any contract or commitment whatsoever.

Upland Resources Limited (LSE: UPL), the oil and gas company actively building a portfolio of attractive upstream assets, announces that it has received an exercise notice from Optiva Securities Limited (“Optiva”) in respect of warrants issued to it pursuant to a warrant agreement with the Company dated 25 November 2016 (in connection with the Placing carried out by the Company in November 2016) to subscribe for 6,336,154 new shares of no par value each in the Company (“New Ordinary Shares”) at 1.3p per share. 

The Company has therefore allotted and issued the 6,336,154 New Ordinary Shares following receipt of the aggregate £82,370 subscription price from Optiva. Applications will be made to the Financial Conduct Authority (“FCA”) for the New Ordinary Shares to be admitted to listing on the Official List (standard listing segment) of the FCA and to the London Stock Exchange for the New Ordinary Shares to be admitted to trading on the London Stock Exchange’s main market for listed securities (together “Admission”).  

The Company advises that, following Admission, the Company’s issued share capital will be 591,848,214 shares of no par value, each with one vote per share (and no such shares are held in treasury). The total number of voting rights is therefore 591,848,214. In addition, following Admission, Optiva now holds 36,541,684 shares of no par value in the Company which is 6.17% of the total shares in issue. 

The above figure of 591,848,214 may be used by shareholders as the denominator for the calculations to determine if they have a notifiable interest in the share capital of the Company under the FCA’s Disclosure Guidance and Transparency Rules, or if such interest has changed.

This announcement contains inside information for the purposes of Article 7 of the Regulation (EU) No 596/2014 on market abuse. Upon the publication of this announcement via the Regulatory Information Service, this inside information is now considered to be in the public domain.

Upland Resources Limitedwww.uplandres.com
Bolhassan Di, ChairmanTel: +44 (0) 7891 677441
bolhassan@gmail.com
Optiva Securities Limited
Jeremy King (Corporate Finance)Tel: 020 3137 1904
jeremy.king@optivasecurities.com
Christian Dennis (Corporate Broker)Tel: 020 3137 1903
christian.dennis@optivasecurities.com
FTI Consulting
Ben Brewerton/Molly StewartTel: +44 (0) 20 3727 1708
molly.stewart@fticonsulting.com
Flowcomms Ltd
Sasha SethiTel: +44 (0)7891 677441
sasha@flowcomms.com