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29 Jul 2008 13:59
For immediate release 29 July 2008
LENI GAS & OIL PLC
("The Company")
Placement
Further to the announcements made on 27 June 2008 and 2 July 2008, Leni Gas and Oil plc (AIM:LGO) the oil and gas production company with assets in Spain, Trinidad, Hungary and Gulf of Mexico is pleased to announce it has raised additional gross proceeds ("Placing Funds") for project acquisition and development purposes of approximately £2.54 million (£2.42 million net after commissions payable in cash) in a placing to institutional investors of 31,750,000 new ordinary shares of 0.05p each in the Company at 8p per share ("Placing Shares"). Upon the Placing Funds being received by 31 July 2008, the Placing Shares are to be issued together with one warrant for each two Placing Shares subscribed, each warrant entitling the holder to subscribe for one new ordinary share in the Company at 8p per share for a period of five years from the date of their issue.
Subsequent to the issuance of these new ordinary shares, the Company will have 608,054,965 Ordinary Shares in issue.
Application will be made for the 31,750,000 new ordinary shares to be admitted to trading and these will rank pari passu with the Company's existing Ordinary Shares.
Dealings on AIM are expected to commence on 6 August 2008.
Enquiries:
Leni Gas & Oil Plc
David Lenigas Tel: +44 (0)20 7016 5100
Beaumont Cornish
Roland Cornish Tel: +44 (0)20 7628 3396
Rosalind Hill Abrahams Tel: +44 (0)20 7628 3396
ENDS
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