22nd Jul 2015 06:59
LONDON (Alliance News) - Independent Oil and Gas PLC Wednesday said it has secured the outstanding funds from an investor which will keep the company funded until early September.
On Monday, the company had said it was still awaiting the payment of GBP145,000 from an investor who purchased 609,500 new shares in the company at 23.79 pence per share in June as the company eagerly awaited the funds to keep it ticking over whilst it secures longer-term funding.
Those funds have now been received and will keep the company afloat until September 4, it said, by which time it hopes to have secured a long-term financing deal which will be split between equity and debt funding from an unnamed potential funder which Independent Oil has called "an internationally listed group with a multi-billion dollar market capitalisation".
The funder is expected to subscribe for 30 million shares in the company at 23.79 pence per share, raising approximately GBP7.1 million for the company. The funder would take a 29.9% equity stake in the company as part of the agreement.
On Wednesday, the company said it will release an update concerning the longer term funding "in due course".
By Joshua Warner; [email protected]; @JoshAlliance
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