i3 Energy PLC - oil & gas company with assets in UK - - Pretax loss for 2019 widens to GBP10.9 million from GBP1.9 million the year prior. Administrative expenses jump to GBP7.2 million from GBP2.4 million. No revenue generated. To raise GBP30 million through the issue of shares at 5 pence each. Alongside the placing, PrimaryBid is running a subscription offer so that that i3's retail shareholders may participate in the fundraise. Cash raised will be used to complete the company's purchase of the petroleum and infrastructure assets of Gain Energy Ltd, unlock production potential within the Gain asset portfolio, and for general corporate purposes. Agrees to sell Gain's Saskatchewan portfolio to Harvard Resources Inc for CAD45 million, immediately following the completion of its acquisition of Gain's petroleum and infrastructure assets. Will pay CAD35 million for Gain's remaining petroleum and infrastructure assets. Assets to be purchased delivered production of 8,948 barrels of oil equivalent per day in June.
Shares currently suspended from trading.
By Ife Taiwo; ifetaiwo@alliancenews.com
Copyright 2020 Alliance News Limited. All Rights Reserved.
I3 Energy (I3E)