Africa Oilfield Logistics Ltd has conditionally raised approximately £7.0 million (approximately US$12.0 million) before expenses by way of the issue of 77,800,000 new ordinary shares in the Company (the “Shares”) at a price of 9.0 pence per Share (the “Fundraising”).

Use of Proceeds

The net proceeds of the Fundraising, in conjunction with the Company’s existing cash resources, are to be applied mainly to the growth initiatives of the Company’s primary investment, Ardan Risk & Support Services (“Ardan”). These include:

Tags: Africa Oilfield Logistics