8th Jul 2019 15:32
(Alliance News) - Anglo African Oil & Gas PLC on Monday said it is considering other equity finance offers and a better funding offer from European High Growth Opportunities Securitization Fund.
Shares in the oil and gas developer were down 4.7% at 4.38 pence in afternoon trade in London.
On Wednesday last week, the company announced that it had signed a term sheet with European High Growth Opportunities, under which the fund had agreed to subscribe for no less than 106.3 million shares, as part of an GBP8.3 million fundraise.
However, Anglo African has since then received more offers of structured equity finance, which it is considering alongside the term sheet. If implemented, some of these would not include an equity sharing agreement.
Given the number of approaches, Anglo African is not undertaking a competitive process among possible finance providers. As part of this, the company has received communication of an improved offer from European High Growth Opportunities.
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