27th Feb 2019 13:51
LONDON (Alliance News) - Westmount Energy Ltd said on Wednesday it has made a further investment in oil exploration company JHI Associates Inc for CAD1.0 million and the issue of 7.2 million shares in Westmount.
Shares in the energy-focused investor jumped 69% at 16.50 pence on Wednesday.
JHI's main asset is a 185 carried interest in the Canje Block covering over 6,000 square kilometres, offshore Guyana.
The Westmount shares issued represents 13% of the company's issued share capital. Following the issue, Westmount now holds 54.3 million shares overall.
Following the purchase, Westmount now holds 2.2 million shares in JHI, reflecting a 3.0% stake.
In a separate statement, Westmount said it received an early GBP940,000 principal of the GBP1.0 principal of 10% convertible unsecured loan notes 2021 issued to Hargreave Hale Ltd.
Hargreave Hale subscribed for 10.4 million Westmount shares at 9 pence each in cash. It will retain GBP60,000 principal of convertible loan notes and in aggregate GBP660,000 of notes will remain in issue after this transaction.
Hargreave Hale currently holds a 15.2% stake in Westmount. Following the deal, it will raise its stake to 28.5%.
Related Shares:
Westmount Engy.