The Extraordinary General Meeting conditionally resolved to increase the Company’s share capital by up to PLN 190 million and appointed Mr Andrzej Osiadacz to the Supervisory Board, setting the number of members of the Supervisory Board at nine.
The adoption of the new conditional capital shall allow the Company to obtain funds for financing new investment projects/extraction projects, financing wells within concessions held by the Company subsidiaries in Kazakhstan, including wells in the Shyrak structure, as well as to obtain funds for reducing the Company’s indebtedness to financial institutions, in accordance with the obligations incurred previously, including the agreement with Total, to secure the Company's liquidity needs connected with reducing its indebtedness, to perform the Company’s obligations regarding the issue of subscription warrants resulting from previously concluded agreements, including agreements with Kingsbrook Opportunities Master Fund LP and Iroquois Master Fund Ltd. and for the implementation of incentive programmes for the Company’s authorities and top management.
Mr Bertrand Le Guern, President of the Management Board of the Company, who was present at the Extraordinary General Meeting, is pleased with the obtained possibility of financing further development of the Company and implementation of its plans, and assures that the Management Board shall make every effort to make optimal use of funds obtained in this way.

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