20th May 2016 07:33
LONDON (Alliance News) - Shares in SDX Energy Inc were trading sharply higher following the company's float on AIM, in which it raised GBP7.6 million to back its Egyptian oil and gas assets.
SDX issued a total of 42.2 million shares at 18.00 pence per share to raise GBP7.6 million. The listing on AIM is in addition to the company's existing listing on the Toronto Stock Exchange in Canada.
Early Friday, SDX shares in London were trading at 24.55 pence, up 36% from the float price.
The proceeds from the London initial public offering will be used to back a work programme on the company's Meseda project in Egypt aiming to double production at the site.
By Sam Unsted; [email protected]; @SamUAtAlliance
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