The company highlighted that the strategic investor has a portfolio of privately held investments that focus on energy projects, LNG terminal development, commodity and oil trading as well as other industries. The investor may be able to add considerable value through the use of its knowledge, network, experience and access to capital.
"I'm delighted to welcome an extremely influential and knowledgeable strategic investor into MX Oil who I believe can bring significant value and provide access to opportunities and partners who we would not be able to access without them," said Stefan Oliver, MX chief executive.
The investor has the right to appoint one person to the board of directors and it is expected that subject to approvals, the appointee will become the company’s non-executive chairman.
The share placing will see 1.7bn new shares, each priced at 0.04p, with Shaikh Ahmed Bin Dalmook Al Maktoum is subscribing for 1.33bn of the shares.
It is expected that the placing shares will be admitted to AIM on or around 18 April.