20th Jan 2015 09:17
LONDON (Alliance News) - Roxi Petroleum PLC Tuesday said it has drawn down a further USD2 million from its equity financing facility provided by the company's chief financial officer, resulting in additional shares being issued to the director.
In 2014, Chief Financial Officer Kairat Satylganov provided the company with a USD40 million equity financing facility, of which Roxi has drawn down a total of USD28.2 million to date.
The latest USD2 million to be drawn down is set to be used to fund the continued development of the company's flagship BNG Contract Area in Kazakhstan.
Following the draw down, Roxi will issue Satylganov with a further 16.8 million shares, taking his total holding to 236.3 million shares, representing a 27% stake in the company. The price of the shares issued to the chief financial officer is 7.41 pence per share.
Roxi shares were down 5.7% to 8.26 pence per share on Tuesday morning.
By Joshua Warner; [email protected]; @JoshAlliance
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