12th Oct 2018 09:03
LONDON (Alliance News) - Shares in Prospex Oil & Gas PLC surged on Friday as the company announced it raised GBP480,000 via the issue of unsecured notes.
Shares in the company were trading up 28% at 0.30 pence each in London early Friday.
The company said it issued notes to new and existing investors, as well as granting subscribers 55 warrants for each GBP1 of loan note subscribed. Each warrant confers to the subscriber the right to acquire one share at 0.60 pence.
The loan notes will pay 10% interest biannually, with the first cash payment in December 2019. Repayments will start in December 2020 with final repayment on June 2022.
Prospex said it will use the capital raised to fund the 2019 development costs of its Selva gas discovery on the Podere Gallina permit, in Italy, and to cover its general expenditure in 2019.
Related Shares:
PXOG.L