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LONDON (Alliance News) - Westmount Energy Ltd said Wednesday it raised GBP1.6 million from three existing significant shareholders via the issue of convertible unsecured loan notes.
The company said that the loan notes are repayable by March 2021. They carry a 10% interest per year.
Westmount added that it may issue additional convertible loan notes for up to GBP3.4 million by invitation to a restricted circle of existing shareholders and other potential investors.
The proceeds from the notes issued will be used to pursue Westmount's ongoing investment strategy and to fund for general corporate purposes, the company said.
The company also said that a interest-free loan made by Chairman Gerard Walsh to the company for GBP200,000, has been settled through the issue of GBP200,000 worth of notes.
Earlier in the day, the company said it swung to an annual profit in what it described as a "successful" year.
For the financial year ended June 30, the energy sector investment company posted a pretax profit of GBP561,080 compared to a GBP200,500 loss a year before. This was achieved on the back of higher operating profit driven by "the strong share price performance" of Westmount's strategic investment in Eco Atlantic Oil & Gas Ltd.
"The Eco Atlantic investment has almost trebled in value since our investment in February 2017 while the company's holding in Ratio Petroleum Energy Ltd Partnership, which was acquired during the year, has also more than doubled in value," Westmount explained.
It reported the fair value of its non-current financial assets as GBP1.7 million on June 30, up from GBP720,591 a year before.
Looking ahead, Westmount said it will continue to seek to capture value for shareholders and seek international investment opportunities.
Shares in the company were untraded on Wednesday, last closing at 8.50 pence each.
