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Mosman Oil And Gas says GEM revitalisation is gaining momentum

Mosman has a stake in GEM which is in the throes of reorganisation
directors in a meeting
Mosman will provide a AU$1mln loan to GEM

Mosman Oil And Gas Ltd (LON:MSMN) chairman John Barr has said that the revitalisation of Gem International Resources Inc (CVE:GI) is gaining momentum.

The AIM-quoted junior oil firm holds 7.6mln shares in Gem and in February Barr was appointed to the GEM board.

In a stock market statement, Mosman said that GEM’s financial report for the year ended September 30 is currently being audited. The report and all outstanding filings should be completed within the next few days.

READ: Mosman Oil & Gas surges after Amadeus Basin update

Once the documentation is in place, Mosman expects GEM to focus on determining the appropriate business plan and it will call a shareholder meeting to consider matters designed to lay foundations to relaunch the company.

In the meantime, Mosman has agreed to provide GEM an unsecured loan of up to AU$100,000, in return for a AU$10,000 fee and 5% per annum interest. It will be repayable in a year.

“Encouragingly, the new GEM board have recently received several unsolicited enquiries offering capital raisings and potential projects,” said John Barr, Mosman chairman.

“Following completion of the audit, the new GEM Board will then determine an appropriate business plan to present to shareholders as a basis for relaunching GEM as a revitalised company."

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