StockMarketWire.com - New World Oil and Gas [LON:NEW], the oil and gas operating, exploration and development company focused on Belize and Denmark, held its Annual General Meeting (today and is pleased to announce that all resolutions were duly passed.

Accordingly, shareholders have approved, on a poll, Special Resolution 5 regarding the proposed issue of 2,184,897,959 Subscription Shares to Niel Petroleum for an aggregate consideration of US$25 million (gross) (0.735p per Subscription Share) and a related conditional Debt Facility made between the Company and Niel Petroleum announced on 21 August 2013. The expected date of the issue and Admission of the Subscription Shares is 25 September 2013, at which point Niel Petroleum will have acquired a 75.66% interest in the Company.

Commenting on the results of the AGM, William Kelleher, CEO of New World stated: "Niel's decision to invest US$25 million in the Company as well as provide a US$25 million debt facility is a vote of confidence in New World's management team, and our stated objective to build a leading multi-project oil and gas exploration and production company.


At 1:25pm: [LON:NEW] New Look Group share price was -0.15p at 1.18p



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