Angus Energy raises £2.2m in placing

(Sharecast News) - Angus Energy has placed, subject to admission to trading on AIM, 55 million new ordinary shares with existing, new and institutional shareholders at a price of 4p per share, it announced on Friday, to raise gross proceeds of £2.2m.The AIM-traded firm said the proceeds would be used to pay down £1.5m of the YA II PN and Riverfort Global Opportunities loan facility, for the work programmes at Balcombe and Brockham, and for general working capital purposes."The board has considered the capital structure of the company as being, in the short term, most ideally composed of ordinary equity and we are delighted to have obtained the opportunity, within this very tight timetable, to refinance our facilities accordingly," said managing director George Lucan."We recognise that the placing price is significantly below historic share price levels and, whilst we did consider forms of pre-emptive issues to shareholders which unfortunately haven't been possible within the timeframe, believe, having considered all factors, that this best positions the company to exploit the value of our asset base as we proceed with our well-defined strategy."I look forward to updating shareholders on this and the progress of our forthcoming board appointments shortly."Application was being made for the placing shares to be admitted to trading on AIM, with Angus expecting that admission would become effective on or around 21 February.