LONDON (Alliance News) - LGO Energy PLC shares were trading lower early Tuesday after the company said it has raised GBP4.3 million in a discounted share placing.
The oil and gas company said it has issued 172.8 million shares at 2.5 pence per share. Shares in LGO were down 11% to 2.79 pence on Tuesday morning, one of the worst performers in the AIM All-Share.
The proceeds from the placing are to be used to provide working capital in order to meet the liquidity requirements of one of its lenders, to back the development of its Trinidad and Spain assets and to back any further investments, the company said.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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