2nd Dec 2020 06:50
Reabold Resources PLC - oil and gas project investor - Exercises 272,727 warrants in investee Corallian Energy Ltd at subscription price of GBP2.20 each, equal to an investment of GBP600,000.
The warrants were offered in mid-November after Corallian was offered a full stake in the Victory gas discovery, located in the UK Continental Sea block 207/la.
Following the exercise, Reabold now holds 2.8 million shares in Corallian, reflecting a 37% interest in the oil & gas firm.
"We are delighted to exercise these Warrants in Corallian, increasing our equity interest at such an exciting time for the company. The Victory discovery, which is thought to be amongst the lowest risk of development projects offered in the 32nd round, brings further optionality and additional upcoming activity to the Reabold portfolio," said co-Chief Executive Officer Stephen Williams.
Current stock price: 0.40 pence
Year-to-date change: down 47%
By Dayo Laniyan; [email protected]
Copyright 2020 Alliance News Limited. All Rights Reserved.
Related Shares:
Reabold Resources