26th Feb 2016 09:13
LONDON (Alliance News) - Independent Resources shares were down Friday, after the company said it raised GBP93,500 in a placing of 78.0 million shares at a discounted rate to raise funds for near term financial obligations.
The oil and gas company operating in Egypt and Tunisia said it has issued the shares at 0.12 pence per share, a 25% discount to the closing mid-price which was 0.16p. The company's shares fell by 11% to 0.143p on Friday morning.
Independent Resources said it the size of the placing represents the maximum amount which the company can issue under its existing disapplication authority.
The placing was executed on Independent Resources' behalf by Brandon Hill Capital Ltd.
"I am delighted to receive support from equity investors at this stage. The funds will be used to meet our near term financial obligations and we continue to progress plans to improve the operating performance and cashflow of our East Ghazalat asset and to invest in producing assets or assets with near-production upside potential," said Chief Executive Greg Coleman.
By Hannah Boland; [email protected]; @Hannaheboland
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