30th Nov 2016 11:17
LONDON (Alliance News) - Oil and gas explorer President Energy PLC on Wednesday said it has signed a subscription agreement to raise USD2.8 million from World Bank member International Finance Corp as part of a wider fundraising by the company.
President Energy earlier this month raised USD17.2 million via a share placing and said it would raise another USD2.8 million via a subscription agreement to raise a total of USD20.0 million.
The funds will be used to fund an initial 10-well work-over programme of shut-in wells in Argentina.
IFC has agreed to subscribe for 37.5 million shares at the placing price of 6.00 pence per share, representing 11.7% of the enlarged share capital of the company. Shares in President were down 0.4% at 5.81p on Wednesday.
"We are very pleased to have concluded this subscription agreement with the IFC and are grateful for its continued support. We look forward to our continued partnership with IFC and enhancing shareholder value," President Energy Chairman Peter Levine said.
By Sam Unsted; [email protected]; @SamUAtAlliance
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