LONDON (Alliance News) - Upstream oil and gas company President Energy PLC said Monday it has raised about USD4.6 million through the placing of 43.8 million shares at 8.0 pence per share.
Shares in President Energy closed down 4.1% Monday at 7.72 pence each.
Chair and Chief Executive Peter Levine participated in the placing: buying 6.3 million shares; and converting an existing loan facility his investment fund had with President Energy into 10.0 million shares.
Following the transaction, Levine will hold an interest in 30% of President Energy's enlarged issued share capital.
The 53.7 million shares - the placing and the loan conversion - are expected to be admitted to AIM on Wednesday morning.
"Over the last year, the group has achieved exceptional growth in all key performance areas; revenues, production, positive cash flows, profits and value of reserves. We believe this is only the start as we target and implement a programme to achieve 50% year on year production growth for the next three years with the concomitant increases in profits and cash flows," said Levine.
"The drive for accelerated gas production has already commenced and we look forward to updating the market on this, as well as in respect of all aspects of our growing business, in due course as we move into an era of being a balanced energy business."
