Egdon Resources confirms it is in advanced discussions with Alkane Energy on a potential transaction involving an acquisition of Alkane's onshore shale assets for 40,000,000 ordinary shares in Egdon with an accompanying fundraising of £7 million at 20 pence per share for working capital purposes. The fund raise is expected to be implemented via a placing of £6.4 million and an open offer of £600,000.

The potential transaction and fundraising remain subject to finalisation. The potential transaction is expected to be conditional on approval of the fundraising by Egdon shareholders.

Tags: Egdon Resources Plc