25th Aug 2020 16:25
ADM Energy PLC - natural resources investing company - Raises GBP672,500 by way of a placing and subscription for new shares and an issue of debt. Funds to be used to complete the cash element of the agreement with EER (Colobos) Nigeria Ltd to acquire a further participating interest of 2.25% in OML 113 licence in Nigeria and increase the company's stake to 5.0% with a profit interest increase from 5% to 9.2%. Placing and subscription to raise GBP472,500 through the issue of 8.6 million new ordinary shares at 5.5 pence per share. Executes loan facilities to raise GBP200,000. Five directors including Chair Peter Francis, Chief Executive Officer Osa Okhomina, Chief Operating Officer Richard Carter, and Directors Henry Bellingham and Stefan Liebing subscribe for GBP50,000 worth of shares in total.
Current share price: 5.70 pence
Year-to-date change: up 18%
By Tapan Panchal; [email protected]
Copyright 2020 Alliance News Limited. All Rights Reserved.
Related Shares:
Admiral