Announcement by Brady Exploration plc

RNS Number : 3790V
Paternoster Resources PLC
12 December 2013


Paternoster Resources plc


("Paternoster" or the "Company")



Announcement by Brady Exploration plc



Paternoster notices the announcement issued this morning by Brady Exploration plc ("Brady") in which it owns 27.4% of the issued share capital in relation to the proposed acquisition of Energy Equity Resources (Norway) Limited . The full text of the announcement by Brady is reproduced below.


Brady Exploration plc

("Brady" or the "Company")


Termination of discussions with Energy Equity Resources (Norway) Limited ("EER") and the lifting of suspension


On 31 October 2013, Brady, the AIM listed natural resources focused investing company, announced that it was continuing to work towards the acquisition of the entire issued share capital of EER, a UK incorporated company with oil and gas interests in Nigeria.  The proposed acquisition would constitute a reverse takeover under rule 14 of the AIM Rules for Companies.


Unfortunately, whilst the proposed acquisition was at a very advanced stage, it has not been possible to complete the necessary equity fundraising in the time available for Brady to effect such a transaction.  Consequently, although the Board of Brady understands that EER will still be seeking to complete a fundraising, the Company and EER yesterday decided to terminate discussions in relation to the above transaction.


Accordingly, the Company has requested that the suspension of trading in the Company's ordinary shares on AIM be lifted. Trading will re-commence at 7:30 a.m. on 12 December 2013.


The Board of Brady will continue to consider opportunities in line with its investing policy.






For more information please contact:


Paternoster Resources plc:

Nicholas Lee, Chairman          +44 20 7467 1700


Nominated Advisor and Joint Broker:

Westhouse Securities

Antonio Bossi / Paul Gillam    +44 20 7601 6100


Joint Broker:

Peterhouse Capital Limited

Jon Levinson                            +44 20 7562 3351 

This information is provided by RNS
The company news service from the London Stock Exchange