Aminex PLC (LSE:AEX) shares were lower in Monday's trade after announcing a £2.93 million (US$3.94 million) 'strategic' placing designed to fund operations until its first gas revenues from the Ntorya field, next September.
Some 177.27 million new shares were sold at 1.65 pence each, and, the company said the placing replaces further use of an existing facility with its largest shareholder, Eclipse Investments.
At the same time, Eclipse has converted US$1.5 million of outstanding debt and accrued interest, into equity, taking its holding to 27.43%.
"With the construction phase of the Ntorya Development underway, this strategic placement and conversion of debt to equity by Eclipse, which increases its holding, now leaves the company debt-free and fully funded through to expected receipt of revenues next year," said executive chair Charles Santos.
"We are thankful for the participation of all the investors, including our largest shareholder, Eclipse, and look forward to providing further updates on the progress on our important and exciting project in the coming weeks and months."
In London, Aminex shares fell close to 8% in Monday's early trade changing hands at 1.78p.