2nd Jul 2015 16:02
LONDON (Alliance News) - Independent Oil and Gas PLC Thursday said it has received binding commitments from both its chief executive and chief financial officer to subscribe to shares at 23.79 pence each.
Both Chief Executive Mark Routh and Chief Financial Officer Peter Young have committed to purchasing 105,087 shares each, for a total of 210,174 shares to generate just over GBP50,000 in proceeds.
That will "ensure Independent Oil has sufficient working capital to cover its activities to the end of July 2015 during which time it will continue to progress its long term financing discussions," it said.
The company did not state what stakes Routh and Young hold following the subscription.
Independent shares were down 17.9% to 13.65 pence per share on Thursday afternoon.
By Joshua Warner; [email protected]; @JoshAlliance
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