leadf
logo-loader
viewADM Energy PLC
(
AIM:ADME
)

ADM Energy mulls fundraising, investment in Nigerian discovery

The firm said the fundraise will likely be concluded at a premium to the current share price at the time of this announcement

ADM Energy PLC - ADM Energy mulls fundraising, investment in Nigeria discovery

ADM Energy PLC (LON:ADME) announced it is considering a fundraising for a possible investment in Nigeria as it noted the recent movement in its share price.

The natural resources investing company confirmed it was in discussions with its shareholders, funding partners and prospective and new investors in connection with a possible equity fundraising, such as a placing, and investment opportunity in an existing discovery in the African country.

WATCH: ADM Energy remains bullish on oil, predicting prices to rise $70, 'making projects more profitable'

The AIM-listed firm confirmed it has terminated the discussions in respect of the placing but remains in discussion with one of its funding partners and certain other potential investors in respect of a possible subscription.

It added that the fundraise will likely be concluded at a premium to the current share price at the time of this announcement and it is the intention of the directors to take part.

However there is no certainty the fundraise will go ahead, the company noted.

It also said that it is continuing discussions in respect of the investment opportunity which are at an advanced stage, but there is no certainty that the investment will be made.

Completion of the investment opportunity is not conditional on the fundraise but it is expected that any proceeds would be put towards the investment opportunity and provide the company with additional working capital.

Shares shot up 14% to 4.38p on Thursday before close.

Quick facts: ADM Energy PLC

Follow
AIM:ADME

Price: 2.401 GBX

Market Cap: £3.78 m

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of named herein, including the promotion by the Company of in any Content on the Site, the Company receives from said issuer annual cash...

FOR OUR FULL DISCLAIMER CLICK HERE

ADM Energy' new Chairman Oliver Andrews plans to seize 'unprecedented...

ADM Energy PLC (AIM:ADME)'s (LON:ADME) Oliver Andrews joins Proactive London after being appointed to the board as non-executive Chairman. Andrews will take up the position from Peter Francis, who is stepping down from the role for personal circumstances. The new chairman talks through his...

on 2/8/21

2 min read