Men28 Jan 2024 13:19
I know horults watching this share. From oilman Jim
Molecular Energies (MEN.L PPCGF NNH.F) announced the raise of £0.65 million at 35p per share, a discount of 52.4% from the closing mid-market price the previous day. This illustrates the point I made last week about the difficulty UK small companies face in raising even relatively modest amounts of funding. The reality now is that unless a London listed company is fully funded for all operations, its share price could half any day. In MEN’s case, the fundraising was said to be necessary to provide working capital to support the company as it continues the spin-out of its alternative energy division, Green House Capital Group, and pursues new business opportunities. This discount, valuing the company at just £3.6 million, was agreed by the directors notwithstanding that the Tapir x-1 exploration well is currently drilling, targeting prospects estimated to hold over 260 million barrels of Pmean unrisked oil resources, the company is due to receive US$15 million+ from the sale of its Argentine subsidiary and its 20.5% share of the equity of Atome Energy (ATOM.L J6J.F) has a market value of over £5 million.