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LONDON (Alliance News) - Block Energy PLC on Wednesday said it issued 9.6 million shares to settle the payment of USD500,000 to Georgian Oil & Gas Ltd, in consideration for the increase of Block's working interest in West Rustavi to 71.5%.
The shares have been issued at a share price of 4 pence each. Block Energy shares were trading up 8.8% at 3.86p each on Wednesday afternoon.
Following this issue, Georgian Oil & Gas's shareholding in Block Energy will amount to 42.3 million shares equating, to 15.65% of its issued share capital.
Admission of the shares to trading on AIM is expected on Tuesday, after which the company will have 270.4 million shares in issue.