12th Nov 2019 12:12
(Alliance News) - ADM Energy PLC on Tuesday said it has raised GBP128,548 through a share placing in the second stage of the GBP562,360 million fundraising initially announced.
At the beginning of November the company had raised GBP283,450, under the first stage. ADM said the completion of the fundraising in its entirety has been delayed pending receipt of funds and "it will now be effected in stages".
On Tuesday, the AIM-listed oil & gas investing company said it has issued 1.8 million shares at a price of 7 pence each to Olanike Anani. Following the issue, Anani will hold 3.6 million shares, representing 6.0% holding.
The stock was trading 2.4% lower in London on Tuesday at 5.00p each.
Looking ahead, the company expects the outstanding stage of the conditional subscription of GBP150,360 to complete and it will update the market in "due course".
By Evelina Grecenko; [email protected]
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