Proactive Investors - Run By Investors For Investors

UPDATE-Amedeo Resources raises £5.2mln

UPDATE-Amedeo Resources raises £5.2mln

--ADDS DETAILS, SHARE PRICE--

Amedeo Resources (LON:AMED), an investment company focussed on resources and resources infrastructure, said it raised about £5.2mln through a subscription and placing.

About £3mln was raised through a subscription for 300.5mln shares by Mena Global Investments 1, a Malaysia-based fund. Mena holds about 9.2% of Amedeo’s shares following the subscription and placing.

Proceeds of the subscription will help fund an obligation of YZJ Offshore Engineering (YZJOE), in which Amedeo has a 46.5% stake, to pay up its stake in Jiangsu Yangzijiang Offshore Engineering, a new offshore rig building yard. 

Last month, Amedeo said YZJOE was awarded a conditional US$1.7bn deal to build two semi-submersible drilling platforms.

Proceeds from the placing will provide working capital for MGR Resources, a trader of ferrous metals and ore. Amedeo has a 49% stake in MGR Resources.

The subscription and placing were priced at 1p each. 

Shares in Amedeo moved towards that level, trading at 1.02p on Monday.

View full AMED profile View Profile

Amedeo Resources PLC Timeline

Related Articles

elephants
April 02 2019
Directors have 'a reasonable degree of certainty' that positive basic earnings per share will be achieved in 2018
Blockchain
Fri
Founded in 2016, the company has invested in a number of projects that it believes will power the development of the decentralised blockchain infrastructure
1555371315_shutterstock_744825085.jpg
April 16 2019
The specialty finance company offers revenue-based financing, allowing SaaS (Software as a service) and knowledge-based start-ups to 'pay as they grow'

© Proactive Investors 2019

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use