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Madagascar Oil Ltd confirms $2mln equity funding

MOIL’s major shareholders now own 72.97% of the company, which looks set to delist from AIM.
Madagascar Oil Ltd confirms $2mln equity funding
The $2mln placing is priced at the equivalent of 1p per share.

Madagascar Oil & Gas (LON:MOIL) has confirmed it has now raised $2mln through the issue of new shares.

A total of 143.6mln new shares were issued at a price of 1.3924 cents (the equivalent of 1p per share) to a group of major shareholders - which are also its lenders/creditors - comprising BMK Resources, Outrider Mast Fund, and the John Paul Dejoria Family Trust.

Together the three major shareholders now own 72.97% of the group’s shares.

MOIL confirmed that the group of shareholders have now submitted irrevocable undertakings to vote in favour of proposals they put forward to have the group’s shares delisted from AIM.

The group’s other major shareholder SEP African Ventures, owner of 19.22%, did not elect to take up an option to participate in the new equity funding.

A special general meeting of shareholders in planned for March 31 in London. 

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