MX Oil PLC Completion of Placing (9999W)
February 15 2017 - 9:15AM
UK Regulatory
TIDMMXO
RNS Number : 9999W
MX Oil PLC
15 February 2017
MX Oil / Ticker: MXO / Index: AIM / Sector: Oil & Gas
15 February 2017
MX Oil plc ("MX Oil" or the "Company")
Completion of Placing and Issue of Equity
MX Oil, the AIM quoted oil and gas investing company, is pleased
to announce the completion of the proposed placing announced
earlier today. The Company has raised GBP5 million before expenses
via a placing (the "Placing") of 333,333,333 new ordinary shares at
a price of 1.5 pence per share (the "Placing Shares") with a small
group of new investors. The Placing was concluded at approximately
a 13 per cent. premium to the closing mid price on 14 February 2017
of 1.325 pence per share. The Placing Shares represent 22.60 per
cent. of the enlarged issued share capital of the Company which,
following the Placing, comprises 1,474,474,664 ordinary shares.
ISSUE OF EQUITY AND TOTAL VOTING RIGHTS
Application has been made to the London Stock Exchange for the
Placing Shares to be admitted to trading on AIM. It is expected
that Admission will become effective and that dealings in the
Placing Shares on AIM will commence on or around 21 February
2017.
The Placing is conditional, among other things, upon Admission
becoming effective. Following Admission, the issued share capital
of the Company will comprise 1,474,474,664 Ordinary Shares with one
voting right per share. The Company does not hold any shares in
treasury. Therefore, the total number of ordinary shares and voting
rights in the Company will be 1,474,474,664. The above figure may
be used by shareholders in the Company as the denominator for the
calculations by which they will determine if they are required to
notify their interest in, or a change to their interest in, the
share capital of the Company under the FCA's Disclosure and
Transparency Rules.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014. Upon the publication of
this announcement via a Regulatory Information Service, this inside
information is now considered to be in the public domain.
MX Oil's Chief Executive Officer, Stefan Olivier said,
"I am pleased that investors continue to be supportive of our
Nigerian investment and the Company's potential. The funds raised
enable us to further develop the Aje Field in the short term to
increase production which continues to look attractive,
particularly against the background of a stronger oil price
environment."
* * ENDS * *
For further information please visit www.mxoil.co.uk or
contact:
MX Oil PLC +44 20 7571
Stefan Olivier, CEO 0473
Cairn Financial Advisers LLP
(Nominated Adviser) +44 20 7213
Jo Turner/James Caithie 0880
Cornhill Capital
(Broker) +44 20 7710
Nick Bealer 9612
This information is provided by RNS
The company news service from the London Stock Exchange
END
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