4th Sep 2020 12:53
(Alliance News) - i3 Energy PLC said Friday it has completed the acquisition of all the petroleum and infrastructure assets of Gain Energy Ltd for CAD80 million, about USD33 million.
The company has also completed the sale of Gain's petroleum and infrastructure assets in Saskatchewan, Canada to Harvard Resources Inc for CAD45 million.
In August, the UK-focused oil & gas firm raised GBP29 million through a share issue to help fund the Gain deal through a placing and subscription of 568.5 million shares at 5p each.
Shares in i3 Energy were down 1.4% in London on Friday at 5.12 pence each.
i3 shares were suspended back in July after it announced the potential reverse takeover of Gain Energy assets. i3 said it will part with USD58.8 million to purchase Gain Energy's petroleum and infrastructure assets in the Western Canadian Sedimentary Basin.
By Paul McGowan; [email protected]
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