4th Mar 2014 12:40
LONDON (Alliance News) - Sirius Petroleum PLC Tuesday said it has issued 34.0 million shares at an average price of 3.6 pence per share to help pay off its debts.
The oil and gas development and production company with operations in Nigeria said it will use the cash funds to capitalise fees and loans dating back to August 2012 at a total value of GBP1.2 million.
The company said the shares issued will represent 3.33% of the company's enlarged share capital and that following the settlement of these loans, the balance of loans remaining totals GBP239,500.
Sirius Petroleum shares were up 8.3% to 3.25 pence, putting it in the top AIM risers Tuesday.
By Tom McIvor; [email protected]; @TomMcIvor1
Copyright © 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
Sirius Pet