EastSiberian Plc (Symbol: ESB) is a Jersey Channel Islands domiciled corporation currently listed on the NEX board of the TMX Group in Canada; it is intended that the Company will be reinstated on the TSX-V following reorganization and the changing of its geographic focus to targeting oil and gas exploration and production in Latin America. The Company is asking shareholders to approve a name change of the Company to “Latin American Energy Company (Isla Anglo Normandas) Plc”.
The Company currently has 14,018,318 Common Shares outstanding. The Common Shares are currently halted from trading on the NEX at the request of the Corporation to allow the Corporation to complete the third party engineering report, to enable it to provide disclosure of the proposed concession acquisition in Latin America. The closing price of the Common Shares on June 30, 2014, the last trading day prior to the trading halt, was $0.02/share.
On September 4th, 2014, the Company announced that it has determined to increase the non-brokered private placement previously announced on June 30, 2014. The private placement now consists of the issuance of up to 30,000,000 common shares (the “Common Shares”) of the Corporation at a price of $0.05 per share for aggregate gross proceeds of up to $1,500,000 (the “Private Placement”).
The Common Shares from the Private Placement will be issued on a private placement basis pursuant to exemptions from applicable Canadian, U.S. and international securities laws and will be subject to a four-month and one day hold period from the closing date of the Private Placement.
The Corporation intends to use the net proceeds from the Private Placement to fund a third party engineering report, legal and other costs in respect of a possible acquisition of oil and gas concessions in Latin America, and for general corporate purposes.
The Company will be holding an Annual & Special Meeting of Shareholders on December 10th, 2014. Please click the following link to access the information circular for this meeting:
Below are the most recent news releases and financial statements of the Company: