LONDON (Alliance News) - Independent Resources PLC Tuesday said a mere 14.35% of its open offer shares were taken up, funding it said it was relying on to meet all of its licence commitments and support operations over the next 12 months.
In a statement Monday, the company had said it needed to secure funding from the open offer to meet all of its licence commitments and support operations over the next 12 months.
It had said it was likely to require additional sources of funding, as well, including securing farm out partners for its projects, but had said it would have enough cash to support operations and the preparatory work in Ksar Hadada permit onshore Tunisia over the next 12 months if its open offer of shares was fully subscribed.
Last month the company announced a placing and open offer to raise up to GBP2.75 million of additional funds key to its survival, with the issue up to 91.9 million new shares at 3 pence each, of which 41.7 million shares were as part of the open offer and the rest via a firm placing.
However, Independent Resources said Tuesday that just under 6.0 million shares, or only 14.35% of the open offer shares offered were taken up.
Independent Resources shares were trading 8.3% lower Tuesday morning at 2.75 pence.
By Rowena Harris-Doughty; rowenaharrisdoughty@alliancenews.com; @rharrisdoughty
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