LONDON (Alliance News) - Independent Oil & Gas PLC on Tuesday said it has issued shares following a warrant exercise by GE Oil & Gas UK Ltd, part of US conglomerate General Electric Co.
GE Oil & Gas exercised its remaining 3.3 million warrants over Independent Oil & Gas shares granted when GE provided the UK firm with a loan in December 2015.
The 3.3 million shares were issued a 11.90 pence per share.
In addition, Independent Oil & Gas issued 570,752 shares at 1.00p per share to a former member of its management team under an option agreement dating back to September 2013.
Shares in the company were down 4.0% to 18.00p on Tuesday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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