ADM Energy PLC - natural resources investor - Says discussions are ongoing regarding an investment opportunity in an existing discovery in Nigeria, as well as a possible subscription with one of its funding partners and other potential investors. Notes it had been in talks with shareholders about a potential equity fundraising, including a placing, and an investment opportunity, but terminated discussions regarding the placing back in February. ADM Energy says a subscription - if it were to go ahead - would be expected to be at a premium to the current share price, with directors intending to participate. Says continued talks around the investment opportunity in Nigeria "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 noted last month.
Current stock price: 4.00 pence
Year-to-date change: down 23%
By Zoe Wickens; zoewickens@alliancenews.com
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Adm Energy (ADME)