By Yakubu LAAH InvestAdvocate

Lagos (INVESTADVOCATE)-Oando Energy Resources (OER) last Friday announced that a wholly-owned subsidiary of Oando Plc, has filed a Form 45-102F1 on SEDAR as Project No. 2257775 to provide the required notice of its intention to sell up to 60 million common shares of OER through the facilities of the Toronto Stock Exchange (TSE), a statement posted on the official website of OER said.

According to the statement, the company has been informed by Oando Plc that the proposed sales are intended to encourage market liquidity.

‘’ OER has been informed by Oando Plc that, including the securities held by the above-mentioned subsidiary, it currently has direct and indirect ownership of 746,107,838 OER shares, representing approximately 93.8 percent of the currently outstanding OER Shares. 

OER affirmed that assuming exercise of the 216,282,884 common share purchase warrants issued to Oando Plc on February 26, 2014, the 75,037,928 common share purchase warrants issued to Oando’s subsidiary on July 9, 2014 and the 34,072,057 common share purchase warrants issued to Oando on August 20, 2014, the oil marketing firm would beneficially own and exercise control over 1,071,500,707 OER shares, representing approximately 95.6 percent of the issued and outstanding OER shares following such exercise.

The statement further affirmed that however, under the terms of the February Warrants, July Warrants and August Warrants, Oando is restricted from exercising any February Warrants, July Warrants and August Warrants to the extent that such conversion would result in its direct and indirect ownership of OER exceeding 94.6 percent.