Angus Energy plc has to date raised £5.6 million of a target of £7.1m through a placing and subscriptions in two tranches.
PLACING AND SUBSCRIPTIONS
The company raised a total of £1.89m through the placing of 115,000,000 ordinary shares.
The first tranche of subscriptions generated an initial £3.7m through the issue of 226,219,000 ordinary shares at 1.65p per share, subject only to admission.
In addition, the company has conditionally raised £1.5m through a second tranche of subscriptions of 89,781,000 new ordinary shares, subject to approval of certain resolutions at the next general meeting, also at a price of 1.65 pence per share.
The placing shares will have 57,500,000 warrants, and the initial subscription shares and the conditional subscription shares will have 158,000,000 warrants in aggregate.
Following admission of the first tranche of 341,219,000 shares, the total number of issued ordinary shares in Angus will be 3,279,989,014 with voting rights.
USES
Net proceeds will fund operations, settle a liability that has recently arisen under the hedge and for general working capital.
FORUM ENERGY
The company added it had executed the agreement regarding the settlement in shares of £1m of deferred consideration due to Forum Energy Services Ltd.