LONDON (Alliance News) - LGO Energy PLC on Monday said it has raised GBP1.0 million via a share placing to back further work at the Goudron oil field in Trinidad.
LGO said it has placed 111.1 million shares at 0.9 pence per share. Shares in the company were down 13% to 0.909p on Monday morning, one of the worst performers in the AIM All-Share.
The company said it will use the proceeds to cover additional working capital for its Trinidad business, including starting work on the Goudron sandstone project.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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