22nd Sep 2015 08:25
LONDON (Alliance News) - Resources sector investor Paternoster Resources PLC on Tuesday said it has acquired an 8.0% stake in New World Oil & Gas PLC for GBP256,688.
Paternoster bought 366.6 million shares in New World and though it did not provide information on the cost of the shares, this works out to around 0.07 pence per share. New World shares were up 9.1% to 0.06002 pence on the news.
"This investment provides Paternoster with a significant interest in a listed company with a substantial cash balance at an attractive valuation at a time when market conditions are such that it is proving difficult to raise new funds for oil and gas projects. We look forward to realizing significant value for shareholders from this investment," said Paternoster Chairman Nicholas Lee.
Shares in Paternoster were untraded on Tuesday, having last traded at 0.168 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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Related Shares:
Paternoster ResourcesNew World Oil And Gas