27th Jun 2008 15:26
For immediate release 27 June 2008
LENI GAS & OIL PLC
("The Company")
Placement
Leni Gas and Oil plc (AIM:LGO) the oil and gas production company with assets in Spain, Trinidad and Hungary is pleased to announce it has successfully raised gross proceeds of approximately £12.28 million (£11.8 million net after commissions payable in cash) in a placing to institutional investors of 153,525,000 new ordinary shares of 0.05p each in the Company at 8p per share ("Placing Shares"). The Placing Shares are to be issued together with one warrant for each two Placing Shares subscribed, each warrant entitling the holder to subscribe for one new ordinary share in the Company at 8p per share for a period of five years from the date of their issue. In addition, a further 3.2 million new ordinary shares are being issued to brokers in settlement of fees related to the placement.
Subsequent to the issuance of these new ordinary shares, the Company will have 557,052,153 Ordinary Shares in issue.
David Lenigas, Chairman of the Company said today:
"We are very pleased to be able to report the placing of these new ordinary shares in the Company. Leni Gas & Oil Plc will apply these funds to the acquisition and development of oil and gas interests and projects in line with the stated strategy of the Company".
Application will be made for the 156,725,000 new ordinary shares to be admitted to trading and these will rank pari passu with the Company's existing Ordinary Shares.
Dealings on AIM are expected to commence on 3 July 2008.
Enquiries: Leni Gas & Oil PlcDavid Lenigas Tel: +44 (0)20 7016 5100 Beaumont CornishRoland Cornish Tel: +44 (0)20 7628 3396Rosalind Hill Abrahams Tel: +44 (0)20 7628 3396 ENDS
Related Shares:
CERP.L