RE Placing Alert29 Apr 2019 19:07
RARE ALERT: Angus Energy plots multi-million pound equity fundraising
Monday, 29 April 2019, 5:21 pm
Angus Energy, the oil explorer run by the son of Lord Lucan, is working on a plan to raise up to £5 million from equity investors.
People claiming to be familiar with the matter said Angus Energy is looking to raise between £3.5 million and £5 million from investors via a Placing and an Open Offer.
It's believed the new shares will be issued at between 4.5p and 5p, said people claiming to be familiar with the matter.
It's not clear why Angus Energy is raising the money but people suggested the funds could be used for working capital or an acquisition.
The deal is thought to be "imminent," said people claiming to be familiar with the matter.
Earlier this year, George Bingham - son of the Lord Lucan that went missing in 1974 and now the eighth Earl of Lucan - became managing director of Angus Energy after Paul Vonk was ousted as as the boss of the oil firm.
Angus Energy, which is one of several small British companies that is trying to prove oil can be commercially produced in the home counties of England, declined to comment.