25 May 2012

Enegi raises £1.5m

28/08/2009 Robert Tyerman

Enegi Oil has raised £1.5m at a discounted rate to pursue developments in Newfoundland

Enegi Oil has raised £1.5m at a discounted rate to pursue developments in Newfoundland

As foreshadowed here on Tuesday, Canada-focused Enegi Oil has raised £1.5 million at 5p to pursue developments in Newfoundland.

The Manchester-based company, which dismayed investors in February with news that its flagship Port au Port No 1 well at Garden Hill South in Newfoundland was ‘sub-economic’, has raised the money, with the help of Cenkos Securities, at a hefty discount even to its present depressed share price of 8.75p. Enegi, which has also issued £250,000 of shares to chief executive officer and largest shareholder Alan Minty’s own company, RMRI, for services rendered, says it has found a potential farm-in partner for Port au Port No 1.

If shareholders approve the placing on 15 September, Enegi, whose Newfoundland subsidiary recently agreed a debt-restructuring plan with creditors, says it will spend the money on Port au Port No 1 and other projects. The company has signed heads of agreement with an un-named party, which can earn 30 per cent of Port au Port No 1 by spending up to £1.4 million on the project.

The placing and RMRI share issue represent 51 per cent of AIM-quoted Enegi’s enlarged share capital. Floated at 181p last year, Enegi shares collapsed to 2.75p after February’s shock news and now at 8.75p represent a bold punt for risk-friendly speculators.

Tags: AIM, Commodities, Debt, Director dealing, Fundraisings

Sector: Oil & Gas Producers

Companies: Enegi Oil

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