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LONDON (Alliance News) - Lansdowne Oil and Gas PLC Tuesday said it has raised over GBP1 million after conducting a placing with new and existing investors and issued a loan note to one of its shareholders worth an additional GBP1.9 million.
Lansdowne issued under 20.8 million shares at a price of 5.0 pence per share to raise GBP1 million before costs, and issued a loan note worth under GBP1.9 million to a significant shareholder, LC Capital Master Fund Ltd.
Three directors of the company took part in the placing. Non-Executive Tim Torrington purchased 2 million shares, increasing his stake to 2.1 million shares, or a 1.31% stake whilst Non-Executive John Aldersey-Williams purchased 200,000 shares to increase his stake to 240,000 shares, or a 0.15% stake. Chief Executive Stephen Boldy bought 200,000 shares, upping his stake to 252,660 shares, or a 0.16% stake.
LC Capital also took part in the placing, purchasing over 8.9 million shares to increase it total shareholding to over 45.1 million shares, representing 28% of the issued share capital in the company.
Non-Executive Director Steven Lampe is a beneficiary of LC Capital and holds an additional 196,078 shares in the company of his own.
The loan note issued to LC Capital is due on March 9, 2016 and a carries a coupon of 10% per year, with no conversion rights, said Lansdowne.
The total proceeds of the fund raising of GBP2.9 million will be used to meet the company's existing liabilities and working capital requirements until the end of 2015 whilst it continues to try and complete the farm-out of its Barryroe asset offshore Ireland.
Lansdowne Oil shares were up 0.5% to 4.40 pence per share on Tuesday morning.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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