Scandinavian Oil-Gas Magazine
http://www.scandoil.com/moxie-bm2/financial/money/leni-gas-oil-raises-7-million-for-trinidad-investm.shtmlLeni Gas & Oil raises £7 million for Trinidad investment
Leni Gas & Oil has raised £7 million before expenses, by way of a Company arranged placing of 200 million new ordinary shares
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Leni Gas & Oil has raised £7 million before expenses, by way of a Company arranged placing of 200 million new ordinary shares (the Placing Shares) at a placing price of 3.5p per share. This placing will enable the Company to accelerate the closing of the US$5 million Trinity-Inniss Oil Field transaction announced without drawing down on the Company's short-term debt facilities and will provide LGO with capital for its expansion plans in Trinidad.
This new funding will also provide the necessary working capital to deploy the work-over rigs to Trinity-Inniss without impacting the ongoing 30 well development programme at the Company's nearby producing Goudron Oil Field.
