Prospex Oil and Gas has asked shareholders to approve its bid for a reverse takeover over the next year.
A company statement said: “At the general meeting shareholders will be asked to re-approve the current investing policy of the company, with an amendment as set out in the circular, namely the addition of a new paragraph stating that the Company will undertake an acquisition or acquisitions within the natural resources and/or energy sector, which constitutes a reverse takeover under AIM Rule 14 of the AIM Rules for companies, within 12 months of the date of the general meeting.”
The firm is also seeking approval to issue £3million in ordinary shares to later invest.
“The board intend to invest such funds in accordance with the stated investing strategy of the company. The board believe that the Company’s work in the last 12 months and improving sector sentiment should give rise to a number of exciting opportunities in the short to medium term if sufficient funds can be identified,” the company said.
The general meeting will take place on May 11.
Board member include former professor and depute dean of the Aberdeen Business School, Richard Paul Mays.
