(Alliance News) - Anglo African Oil & Gas PLC on Wednesday said it has received GBP50,000 from investor Forum Energy Services Ltd to allow it to satisfy near-term creditors.
In March, the Republic of Congo-focused oil and gas firm said that Forum agreed to provide GBP150,000 before the end of March in order to ensure that Anglo African could pay its creditors. On Wednesday AAOG said Forum has confirmed that further funds will be available.
Anglo African said it will grant Forum 22.7 million shares at GBP0.0022 pence each. The stock closed 1.4% lower at 0.21p each on Wednesday in London.
The company added that it has also issued 14.0 million shares at the same price in settlement of certain creditors.
Additionally, it has issued 100 shares at the same price to Chair Sarah Cope so that there is a quorum of shareholders present at the general meeting scheduled for April 13. Government restrictions amid the Covid-19 pandemic forbid gatherings of more than two people, and therefore only the company chair and one other shareholder may attend the general meeting in person, AAOG said.
Following admission of all the shares amounting to 36.7 million, AAOG's share capital will comprise 466.6 million shares.
By Ife Taiwo; ifetaiwo@alliancenews.com
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