LONDON (Alliance News) - Onzima Ventures PLC on Monday said it sold its 20.0 million shares in MX Oil PLC, making a net gain of GBP10,176, or 6.8% on the investment, which was made in March.
The shares were acquired at 0.75 pence per share for GBP150,000. Onzima still has 4.0 million warrants over MX Oil shares, exercisable at 1.0 pence per share for a period of three years.
MX Oil shares were up 10% at 0.881p on Monday morning, while shares in Onzima were up 3.1% at 0.825p.
"Pursuant to our investing policy our investments are likely to be held for the short to medium term in the case of publicly-traded holdings. We retain our warrant holding in MXO giving us nil cost upside exposure and will utilise the funds received for making new investments and working capital," Onzima Chief Executive Officer Gavin Burnell said in a statement.
"We have a healthy cash balance and are well-placed to take advantage of new opportunities. N4 Pharma, in which we hold a 49% stake, has made excellent progress since we acquired our position and we expect strong newsflow in the coming weeks," Burnell said.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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