27th Sep 2013 09:22
LONDON (Alliance News) - President Energy PLC Friday said it has reached an agreement with the International Finance Corporation, part of the World Bank Group, for a proposed equity investment of up to GBP12.5 million.
The oil and gas exploration and development company, which has operations in South America, said the deal would comprise a subscription of 37.5 million shares to raise GBP9.375 million by the end of November and a further subscription to raise GBP3.125 by the end of 2014.
The company said that upon finalising agreements, the IFC will hold 12.2% of the company's enlarged issued share capital.
President Energy said that the proceeds of the funding would be used to fund the company's programme in Paraguay.
President Energy shares were down 4.37% to 24.62 pence friday.
By Tom McIvor; [email protected]; @TomMcIvor1
Copyright 2013 Alliance News Limited. All Rights Reserved.
Related Shares:
PPC.L