LGO has announced that the Company has raised £1.0 million before expenses, by way of a company arranged placing of 111,111,110 new ordinary shares (the Placing Shares) at a placing price of 0.9p per share.
The funds will largely be deployed as additional working capital in LGO's Trinidad businesses including initiating work on the recently announced Goudron Sandstone programme at LGO's flagship Goudron Field development.
Application is being made for the admission of these Placing Shares to trade on AIM and it is expected that this will occur on or before 14 October 2015. These Placing Shares will rank pari passu in all respects with the company's existing issued ordinary shares. Subsequent to the issuance of these shares the company will have 3,165,164,156 ordinary shares in issue.
Adapted from a press release by Louise Mulhall