LONDON (Alliance News) - Northcote Energy Ltd on Wednesday said it raised GBP450,000 by selling new shares, in a move to provide working capital and fund the potential participation in opportunities arising from agreements the company has with MX Oil PLC in Mexico and Andalas Energy & Power PLC in Indonesia.
In a statement, the energy company said it issued 1.43 billion new shares at a placing price of 0.0315 pence. The stock was up 5.1% at 0.0499p on Wednesday, shortly after midday.
"With continued development activities at the Shoats Creek Field being funded from proceeds of the recently announced transactions, this placing will give the company a strong liquidity position and flexibility to further other initiatives or potentially participate in opportunities available to Northcote pursuant to the participation agreements we have with MX Oil in Mexico and/or Andalas Energy & Power in Indonesia," Managing Director Randall J Connally said.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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