4th Jun 2015 14:41
LONDON (Alliance News) - Independent Oil and Gas PLC Thursday said it has instructed Darwin Strategic to sell 1.5 million IOG shares at a price of 23.79 pence each.
IOG said the sale has allowed a partial repayment of the GBP546,550 loan due to Darwin as well as giving approximately two months' additional working capital to IOG. The repayment date on the remaining loan has been extended by three months to September 4, it said.
Following the transaction, Darwin will hold 2.7 million shares in IOG.
In May, IOG warned that it had limited cash resources and would need to get funding or get an extension to allow the repayment of its loan to Darwin.
On Thursday it said it continues to make good progress with regards to securing the longer term funding for its business.
Shares in IOG were up 55.6% at 14.00 pence Thursday afternoon.
By Karolina Kaminska; [email protected] @KarolinaAllNews
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
IOG.L