LONDON (Alliance News) - Anglo African Oil & Gas PLC said Thursday that it will issue 4.0 million shares to Sandabel Capital LP after the latter exercised conversion rights over unsecured loan notes.
Shares in the oil & gas developer were trading up 8.1% at 7.50 pence each on Thursday.
Anglo African will issue the shares at 6.3p each to cover for the remaining GBP250,000 notes.
"The company does not intend to drawdown further on the Sandabel financing facility and is exploring alternative financing options," Anglo African added.
Admission to trading of the new shares is expected for next Wednesday, following which the company will have 177.9 million shares in issue.
