Petroleum Africa
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Wednesday, June 1, 2016
MX Oil raised £3,412,013 before expenses via a placing of 341,201,258 new ordinary shares at a price of 1 pence per share with a small group of new investors. The Placing is at a premium to the closing price on May 27 of 0.8 pence per share.
An application will be made for the Placing Shares to be admitted to trading on AIM and it is expected that admission will become effective on or around June 6.
The company also reported that given the recent increase in the per barrel price of oil the option of retaining its investment in the Aje field becomes more attractive. The purpose of MX Oil’s Placing is to ensure that the company has the appropriate level of funding in place to enable it to do this while at the same time being able to fund its other activities and reduce its debt.
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