LONDON (Alliance News) - Wildhorse Energy Ltd Monday said that it has extended the closing date of its rights issue offer by 14 business days, to August 13 from July 24, in order to give shareholders more time to respond.
The extension comes after Wildhorse last month said it is to raise up to AUD1.4 million before costs in a rights issue, with the money earmarked for the development of existing products. It also wants to use the funds to identify and evaluate new uranium and other resource projects.
The company reminded investors that a so-called heads of agreement for the sale of its Hungarian coal assets to Singapore Exchange listed Linc Energy Ltd for AUD4.04 million in shares expires Monday, unless extended by mutual agreement prior to that point.
It said it will issue an update on the matter on Tuesday.
On June 30, Wildhorse said that it was yet to finalise the deal to sell the coal assets to Linc, as it extended the heads of agreement and cautioned of a risk that the sale will not be finalised.
Wildhorse shares were Monday quoted at 0.500 pence, up 11%.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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