22nd Jun 2015 07:53
LONDON (Alliance News) - Independent Oil and Gas PLC Monday said it has secured funding in the short term until it must repay debt owed to Darwin Strategic early in September, with long-term financing talks in progress.
In a statement, the North Sea-focused oil and gas company said it raised GBP145,000 by issuing 609,500 new shares at 23.79 pence per share, a 51% premium to the closing mid-market share price on Thursday last week. It must repay GBP358,155 to Darwin Strategic on September 4.
The company said its long term discussions on funding Skipper, Cronx, Elgood and Blythe through to production are "progressing well with an internationally listed group with a multi-billion dollar market capitalisation". They are working towards a completion date of August 15, Independent Oil and Gas said.
"We are delighted to have secured further short term funding providing stability for the Company while we progress our long term funding discussions and projects," Chief Executive Mark Routh said in a statement.
The company cautioned that funding is "subject to negotiation and the approval of various counterparties", meaning there can be no guarantee of securing funds for the long term.
Independent Oil and Gas shares were up 8.1% at 17.30 pence on Monday morning in London.
By Samuel Agini; [email protected]; @samuelagini
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