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Glenwick Raises GBP500,000 To Boost Cash Reserves (ALLISS)

Wed, 30th Mar 2016 12:46

LONDON (Alliance News) - Glenwick PLC on Wednesday said it has raised GBP500,000 through a share placing and has appointed technical consultants.

Glenwick, an investment company with a focus on the oil and gas sector, said it has issued 454.5 million shares at 0.11 pence per share to raise the funds. Glenwick shares were down 11% to 0.12 pence.

The company said the funds will be used to increase its cash reserves as it works towards making an investment.

Glenwick also said it has appointed two technical consultants, Jacob Poll and Joanne Kendrick. Poll is an oil and gas industry veteran, having worked for companies like Royal Dutch Shell PLC and Woodside Petroleum in the past, while Kendrick is an independent engineering consultant with experience in the oil and gas industry.

By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance

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