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LONDON (Alliance News) - Oil & gas firm i3 Energy PLC said Thursday it had secured an investment of up to GBP8 million from Lombard Odier Asset Management Ltd across debt, shares and warrants.
i3 and Lombard Odier have entered into binding terms which would see Lombard invest GBP3 million in a junior note facility launched in late February.
Lombard Odier - which currently owns a 13% stake in i3 - will also invest a further GBP2 million through a share placing at 37 pence each and warrants to subscribe to a further GBP3 million in shares. Shares in i3 were 7.9% higher at 39.64 pence on Thursday.
In light of the additional share investment from Lombard, i3 has trimmed its junior facility from the initially announced GBP24 million in February to GBP22 million.
"We are very pleased to announce this conditional further investment in the company by Lombard Odier, a very supportive existing shareholder, and look forward to imminently closing the junior facility to fund this summer's drilling campaign at our Liberator and Serenity assets," i3 Chief Executive Officer Majid Shafiq said.