Predator Oil & Gas Holdings plc received a £1,890,000 loan before expenses after two directors sold 18 million shares.
PROSPECTUS
Predator said it had insufficient headroom for the issue and admission of new ordinary shares without an FCA-approved prospectus, which it expects to complete “in the coming weeks”.
The company aims to publish a revised competent person’s report at the same time.
DIRECTORS’ DEALINGS
One of the company’s brokers Novum Securities Ltd bought 18,000,000 existing ordinary shares of no par value in Predator at a price of 10.5 pence each.
Executive chairman Paul Griffiths and managing director Lonny Baumgardner will sell 17,500,000 and 500,000 ordinary shares respectively to raise £1,890,000.
Under the unsecured loan agreements the loans will be capitalised with the sales shares returned to Mr Griffiths and Mr Baumgardner when the company has additional headroom and subject to the company’s dealing policy.
The prospectus, once published, will allow the return of all shares due to Paul Griffiths and Lonny Baumgardner.
USES
Net proceeds will be used to drill MOU-4 drilling on schedule, general working capital and broker expenses.