31st Dec 2013 12:24
LONDON (Alliance News) - Zoltav Resources Inc Tuesday said it has received funds of USD2 million from ARA Capital Limited, the second tranche of its USD20 million share subscription deal started earlier this year.
The oil and gas exploration and development company said it has now issued 1.8 million shares at a price of 70 pence per share to ARA Capital.
The company said it has received USD15 million of its USD20 million subscription deal, with the final USD5 million tranche due to be received by April 1 2014.
Following the issue of the 1.8 million shares, ARA Capital is now interested in 23.2 million shares representing 40.6% of the issued share capital of the company.
Zoltav Resources shares were suspended at a price of 104 pence Tuesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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