What a way to make a living.6 Dec 2019 13:35
From a February 7th rns.
The Company is pleased to announce that as it enters a period of operations it has raised approximately £1.85 million (approximately $2.40 million) before expenses through the issue of 127,226,781 new ordinary shares in the capital of Aminex (the "Placing") at a price of Stg 1.45p per share (the "Placing Shares").
The board of Aminex has taken the strategic decision to seek funds to accelerate development over its Kiliwani North Development Licence ("Kiliwani") and Nyuni Area PSA ("Nyuni") to take advantage of depressed market conditions in the service industry. The net proceeds of the Placing will finance the reprocessing of the existing 2D seismic, to plan for the acquisition of new 3D seismic and to transition Kiliwani South from a prospect to a drill ready target (management estimates of 57 billion cubic feet gas initially in place).
Non producing, non diversified, what are we paying these guys for?