Angus Energy eyes £2m placing
Angus Energy
0.43p
16:55 24/04/24
Oil and gas outfit Angus Energy is looking to raise up £2m at a discounted price as part of an effort to shore up the firm’s working capital and open it up to more business development opportunities.
FTSE AIM All-Share
754.69
16:50 24/04/24
Angus wants to place 22.22m ordinary shares with institutional shareholders at a price of 9p per share, a 23% discount to its 30-day volume average, if shareholders grant their approval at the upcoming annual general meeting.
The net proceeds of roughly £1.85m are intended be used for general working capital purposes and business development opportunities, the AIM-listed group said.
If successful in raising the funds, production at Angus's Brockham asset will begin before the end of the year.
Angus said its new shares were expected to be admitted to trading on AIM at 0800 GMT on 22 November.
As of 0900 GMT, Angus shares had tumbled 11.74% to 11.65p.