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Shares of Mosman Oil and Gas Ltd (LON: MSMN) rallied 11.76% after its investee company Norseman Capital listed on the Toronto Stock Exchange (TSX-V).
Mosman Oil & Gas is a shareholder in Norseman Capital and got a chance to sell 1.25 million of its shares in the newly listed company cashing out some of its holdings at an undisclosed price.
Norseman Capital was previously known as GEM International Resources before rebranding and will now go by Norseman Silver Inc after listing in the TSX.
Norseman is changing its name after securing its first interest in an exploration project and completing a C$450,000 capital raise.
Mosman said that its shares had appreciated, which is why it sold most of its stake in the company remaining with 510,000 shares.
The junior oil and gas company recently got the Northern Territory Government to extend the deadline for the work commitments on its EP145 exploration license area from 21 August 2021 to 21 August 2022.
At the time, Mosman said: “All going well, the gravity will be flown in June, and the interpretation will be completed afterwards. The results from the gravity work will provide important details and will also affect the final Seismic programme, which is currently in the advanced planning stage.”
Mosman Oil & Gas share price.
Mosman Oil & Gas shares rallied 11.76% higher to trade at 0.19p, rising from Monday’s closing price of 0.17p.
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