ADM Energy PLC - natural resources investor - Notes recent share price movements and confirms it has been in talks with shareholders, funding partners, and prospective new investors about a potential equity fundraising, including a placing, and an investment opportunity in an existing Nigerian discovery.
Further confirms that it has terminated talks regarding the placing, but is still in discussion with a funding partners as well as "certain other potential investors" concerning a possible subscription. This fundraise is expected to be at a premium to the current share price, if it takes place, with directors intending to participate.
ADM is continuing talks around the investment opportunity in Nigeria, and says these "are at an advanced stage" though not certain.
"Completion of the investment opportunity is not conditional on the fundraise but it is expected that any proceeds from the fundraise would be put towards the investment opportunity and provide the company with additional working capital," ADM notes.
ADM says it will provide a further update "in due course".
Current stock price: 4.58 pence, up 19% on Thursday afternoon
Year-to-date change: down 14%
By Anna Farley; annafarley@alliancenews.com
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Adm Energy (ADME)