16th Mar 2016 10:38
LONDON (Alliance News) - LGO Energy PLC on Wednesday said it has raised GBP1.4 million in total through two share placings to cover its upcoming work programme commitments in Trinidad.
LGO said it will issue 424.2 million shares at 0.25 pence per share to raise around GBP1.1 million, with another GBP300,000 to be raised at the same price. LGO shares were down 13% to 0.2575p.
The funds will be used to cover working capital for the group in coming months and to maintain the development momentum on the Goudron field in Trinidad.
LGO has also issued another 236.0 million shares at the same price to Tucker Energy Services Ltd and Baroid Trinidad Services Ltd to cover fees for services provided at Goudron.
By Sam Unsted; [email protected]; @SamUAtAlliance
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