26th Jun 2015 13:35
LONDON (Alliance News) - Energy company Wentworth Resources Friday said it has raised USD6.7 million through the placing of 15.4 million shares at 31.5 pence each.
Wentworth said the proceeds of the placing will be used to provide the company with sufficient working capital until it starts receiving cash flow from its first gas sales from Mnazi Bay in Tanzania, which it expects to occur in the fourth quarter of its financial year.
Following the placing, Chairman Robert McBean now holds 9.1 million shares in the company, representing 5.4% of its issued share capital. He purchased 201,748 shares.
"We are very pleased with the successful outcome of this raise which provides the working capital we need prior to delivery of first gas. We are confident that, with the support of our partners and the commitment shown by the government, gas will be on stream in the coming months and will be fully supported by an agreed payment guarantee arrangement," McBean said in a statement.
Shares in Wentworth were trading up 3.1% at 33.00p Friday afternoon.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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