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LONDON (Alliance News) - Oil and gas production firm Angus Energy PLC said Monday it raised GBP3.0 million through a convertible loan in order to complete its acquisition of a license in Sussex.
Angus issued the loan with a 0% interest rate. The loan will complete its financing for its GBP1.9 million purchase of a 25% interest in the PEDL244 Balcombe licence in Sussex, announced in February. Angus received approval from the UK Oil & Gas Authority earlier this month.
The loan - arranged with Bergen Global opportunity Fund LP - has a nominal value of GBP3.4 million, raising GBP3.0 million in net proceeds. The security has a term of 24 months. Bergen can convert the loan at 90% of the average share price over the preceding five days.
Last Wednesday, Angus was forced to respond to media reports of a fundraise. This was after late last Tuesday the Evening Standard suggested it would be raising between GBP2.0 million and GBP3.0 million.
At the time, Angus merely confirmed it was in talks over a potential GBP2.0 million fundraising for the acquisition.
A week before it announced the Balcombe purchase it raised GBP2.0 million through the issue of 33.3 million shares at 6.00 pence each.
Shares in Angus were 2.9% higher at 6.30 pence on Monday.