LONDON (Alliance News) - Block Energy PLC on Wednesday said it issued 9.6 million shares to settle the payment of USD500,000 to Georgian Oil & Gas Ltd, in consideration for the increase of Block's working interest in West Rustavi to 71.5%.
The shares have been issued at a share price of 4 pence each. Block Energy shares were trading up 8.8% at 3.86p each on Wednesday afternoon.
Following this issue, Georgian Oil & Gas's shareholding in Block Energy will amount to 42.3 million shares equating, to 15.65% of its issued share capital.
Admission of the shares to trading on AIM is expected on Tuesday, after which the company will have 270.4 million shares in issue.
Block Energy P. (BLOE)