Last checked at 14 Mar 2016 09:44
14 March 2016
Onzima Ventures PLC
("Onzima" or the "Company")
Investment
The Company announces that it has participated in the placing of new ordinary shares by MX Oil plc as announced today. MX Oil plc ("MX Oil") has raised £2.5 million gross, the proceeds of which will be used to make what MX Oil expects to be the final payment in connection with the Company's investment in Nigeria prior to the commencement of oil production.
Onzima has subscribed for 20,000,000 shares at 0.75p per share for a total sum of £150,000. Onzima has also received 4,000,000 warrants exercisable at 1p per share for a period of 3 years.
Gavin Burnell, CEO of Onzima, said: "We have been opportunistic in taking a stake in MX Oil at what we consider a good price with a number of near term news events from Nigeria and Mexico."
For further information please contact:
Onzima Ventures PLC Tel: +44 (0) 1732 366561
Gavin Burnell, Luke Cairns
Nominated Adviser
Cairn Financial Advisers LLP Tel: +44 (0) 207148 7900
Sandy Jamieson, Liam Murray
Broker
Peterhouse Corporate Finance Limited Tel: +44 (0) 20 7469 0930
Guy Miller, Lucy Williams