24th Feb 2015 09:42
LONDON (Alliance News) - Sefton Resources Inc on Tuesday said it has raised GBP900,000 in a share placing and has issued shares to cover payment to an employee of a former subsidiary, as it added it has entered talks on the sale of two units.
Sefton said it has raised GBP900,000 via the issue of 1.64 billion shares priced at 0.055 pence. The shares have been subscribed for by private clients of Cornhill Capital Ltd.
The oil exploration and production company focused on California and Kansas in the US also has issued 4.9 million shares to cover a USD9,972 payment due to a former employee of its TEG USA Inc subsidiary. The shares were priced at 0.126 pence per share.
Sefton also said it has entered into talks on the possible sale of its TEG MidContinent Inc and TEG Transmission LLC businesses.
"Today's placing is something of a bitter sweet pill. However what this proves is that we are now being thought of as a viable investment proposition. Sefton is now well-financed and good progress is being made on the turnaround strategy," said Sefton Executive Chairman Daniel Levi.
Shares in Sefton were down 33% to 0.08 pence on Tuesday, the worst performer in the AIM All-Share.
By Sam Unsted; [email protected]; @SamUAtAlliance
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