LONDON (Alliance News) - Westmount Energy Ltd said Tuesday it bought 1.1 million shares in JHI Associates Inc for GBP809,840, funded from its existing cash resources.
JHI is an oil exploration company focused on the Guyana-Suriname Basin, the company explained. It reported a USD5.2 million loss for 2017.
After the transaction, Westmount owns less than 1% of JHI's issued share capital.
In a separate announcement, Westmount said that it received an unsecured, interest-free loan for Chairman Gerard Walsh for the amount of GBP200,000, repayable within 60 days of written request and no later than the end of December.
Shares in the company were trading up 6.7% at 8.00 pence each on Tuesday.
Westmount Engy. (WTE)