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Enegi Oil Plc is an independent oil and gas company. Current operations are focused on opportunities around the Port au Port Peninsula in Newfoundland, Canada and the Clare Basin in County Clare, Ireland.
The Port au Port Peninsula is located in western Newfoundland, which, although lightly explored, is in an active petroleum...Read more
RNS Release - Placing
ENEGI OIL PLC
AIM ticker: 'ENEG'
18 January 2012
Enegi Oil Plc
('Enegi' or 'the Company')
The Company is pleased to announce that it has today issued and allotted 3,300,000 new ordinary shares of 1 penny each ("New Ordinary Shares") at a placing price of 13 pence per New Ordinary Share to raise up to £429,000 before expenses (the "Placing"). Pursuant to the Placing, which is conditional only on admission of the New Ordinary Shares to trading to AIM ("Admission"), 2,500,000 New Ordinary Shares have been placed with shareholders introduced by Fox-Davies Capital Limited, 400,000 New Ordinary Shares have been placed with Alan Minty, CEO and Chairman of the Company and 400,000 New Ordinary Shares have been placed with BEL Group Investments Limited, a company in which Alex Lamb, a non-executive Director of Enegi, has an interest. The Company intends to utilise the net proceeds of the Placing to support the Company's working capital requirements.
Following this transaction and Admission of the New Ordinary Shares, Alan Minty will have an interest in 15,370,288 ordinary shares in the Company, representing 14.47 per cent. of the Company's enlarged issued share capital.
Following this transaction and admission of the New Ordinary Shares, Alex Lamb will have an interest in 2,010,445 ordinary shares in the Company, representing 1.89 per cent. of the Company's enlarged issued share capital.
Application has been made to the London Stock Exchange for the Admission of the New Ordinary Shares to trading on AIM. It is expected that Admission will become effective and that dealings in the New Ordinary Shares will commence on AIM at 8.00 a.m. on 24 January 2012.
The New Ordinary Shares will rank pari passu with the existing shares of the Company. Following Admission, the Company's total issued share capital will be 106,173,582 shares.
In conformity with the FSA's Disclosure and Transparency Rules, as of 24 January 2012, the Company's issued share capital will consist 106,173,582 ordinary shares of 1 penny each with voting rights. Enegi does not currently hold shares in Treasury. Therefore, the total number of voting rights in Enegi as of 24 January 2012 will be 106,173,582. The above figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the ordinary shares of Enegi Oil under the FSA's Disclosure and Transparency Rules.
The arrangements described above in respect of Alan Minty and BEL Group Investments Limited constitute a related party transaction for the purposes of Rule 13 of the AIM Rules. Accordingly, the Directors, excluding Alan Minty and Alex Lamb, consider, having consulted with Cenkos Securities plc, the Company's nominated adviser, that the terms of the transaction are fair and reasonable insofar as its shareholders are concerned.
Enegi Oil 0; Tel: + 44 161 817 7460
Alan Minty, CEO
David Parry, Director Tel: + 1 604 568 0733
Cenkos Securities Tel: + 44 207 397 8900
FoxDavies Capital Tel: + 44 203 463 5000
College Hill Tel: + 44 207 457 2020
Enegi Oil Plc is an independent oil and gas company. Current operations are focused on opportunities around the Port au Port Peninsula in Newfoundland, Canada and the Clare Basin in County Clare, Ireland. The Port au Port Peninsula is located in western Newfoundland, which, although lightly explored, is in an active petroleum system with light oil having been discovered on a number of occasions. The Clare Basin is located in western Ireland and initial technical studies show that it has the potential to contain shale gas.
This information is provided by RNS