By Marisa Wong
Milwaukee, March 22 - Egdon Resources plc has conditionally raised £2 million through a placing of ordinary shares, according to a news release.
The company placed 16 million ordinary shares at 12.5p per share with institutional and other investors.
Seymour Pierce Ltd. is the agent for the offering.
The shares are expected to be admitted to trading on April 7.
Proceeds of the placement will be used to fund additional near-term commitments associated with developing the enlarged Egdon business, following the company's acquisition of U.K. and French assets from EnCore Oil plc. This includes the development of the Kirkleatham gas field and the drilling of wells at Markwells Wood and Havant.
Egdon is a U.K.-based oil and gas exploration and production company focused on the hydrocarbon-producing basins of the United Kingdom and Europe.
| Issuer: | Egdon Resources plc
|
| Issue: | Ordinary shares
|
| Amount: | £2 million
|
| Shares: | 16 million
|
| Price: | 12.5p
|
| Warrants: | No
|
| Agent: | Seymour Pierce Ltd.
|
| Pricing date: | March 22
|
| Stock symbol: | London: EDR
|
| Stock price: | 13.09p at close March 22
|
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