8th Jan 2020 11:29
(Alliance News) - Oil and gas investor ADM Energy PLC on Wednesday said that it has secured GBP150,360 from the third and final stage of a fundraising scheme.
ADM Energy said financial advisors Zark Capital Ltd subscribed to 2.1 million shares at a price of 7.00 pence each, which is a 46% premium to its 4.80p closing price on Tuesday, but in line with the share price from the first two stages of the fundraising programme.
Shares in ADM Energy were 2.1% lower at 4.70p each in London on Wednesday morning.
Following the transaction, Zark will hold 6.0 million shares, a 9.7% stake in the company.
The company has now secured GBP562,358 from the three-part fundraising plan. ADM Energy has a market capitalisation of GBP2.8 million.
The first stage of fundraising secured GBP283,450 from 4.0 million shares, also at 7.00p each. The delayed second stage raised GBP128,548 through a placing of 1.8 million shares at the same price.
By Eric Cunha; [email protected]
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