Gulf Oil and Gas accountACCOUNT

i3 Energy Announces Additional Investment to Fund Liberator and Serenity Drilling Campaign

Source: www.gulfoilandgas.com 5/30/2019, Location: Europe

i3 Energy, an independent oil and gas company with assets and operations in the UK, has entered into binding terms with funds managed by Lombard Odier Asset Management (Europe) for a £3mm participation in the junior loan note facility, the proposed terms of which were announced by the Company on 25th February 2019, a £2mm placing of new ordinary shares priced at 37p per share and warrants to subscribe for £3mm of new ordinary shares (collectively the 'Lombard Odier Investment').

The £2mm issue of ordinary shares will be at the same placing price as the Company's £16mm share placing announced on 12th March 2019 and the £3mm warrants will be on the same exercise terms as the warrants included in the proposed Junior Facility.

The closing of the Lombard Odier Investment is conditional, inter alia, on the closing of the Junior Facility. In light of Lombard Odier's further £2mm equity investment, it is intended that the Junior Facility will now be downsized from the £24mm previously indicated to £22mm, and the closing of that facility will be the subject of a further announcement.

Subject to the closing of the Lombard Odier Investment and the Junior Facility, the Company will be funded for its summer 2019 drilling programme.

As Lombard Odier is a substantial shareholder in the Company, its investment in the Company is a related party transaction under the AIM Rules for Companies. The Directors of the Company consider, having consulted with WH Ireland, that the terms of the transaction are fair and reasonable insofar as shareholders are concerned.

Majid Shafiq, CEO of i3 Energy commented: 'We are very pleased to announce this conditional further investment in the Company by Lombard Odier, a very supportive existing shareholder, and look forward to imminently closing the Junior Facility to fund this summer's drilling campaign at our Liberator and Serenity assets.'

Investment News in United Kingdom >>

Egypt >>  10/8/2019 - Egypt’s ministers of investment and electricity inked two grant agreements with the French Development Agency (FDA) that aim to boost Egypt’s energy a...
Egypt >>  10/4/2019 - Egypt and two world companies discussed boosting cooperation in the mining domain...

Egypt >>  9/29/2019 - Minister of Petroleum and Mineral Resources Tareq el Molla has said the Egypt Petroleum Show (EGYPS 2020) is expected to open up new horizons for luri...
Israel >>  9/23/2019 - Delek Group has provided an update concerning negotiations with potential investors to make an equity investment in the parent company of Ithaca Energ...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


United Kingdom Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 | 24 | 25 | 26 | 27 | 28 | 29 | 30 | 31 | 32 | 33 |

More News

Related Links

Gulf Oil and Gas
Copyright © 2019 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.