Senior managers at Independent Oil & Gas (LON:IOG) are subscribing for £50,000 of new shares.
Just over 210,000 shares will be issued to chief financial officer Peter Young and chief operating officer Richard Jameson. The new shares are priced at 23.79p, which is the same as the premium priced placing agreed last month.
On June 22, a third party agreed to subscribe for 609,500 shares to raise £145,000 for the North Sea company.
IOG today said it has not yet received the funds from the investor, and it is in ongoing dialogue to confirm when the funds will be received.
The cash will provide short term working capital whilst IOG continued to progress discussions over a significant long term financing to enable field development work to begin.
“Long term financing discussions on the funding of Skipper, Cronx, Elgood and Blythe through to production are progressing well with an internationally listed group with a multi-billion dollar market capitalisation and all parties continue to work towards completion of the transaction by 15 August 2015,” IOG said in a statement.