Nigeria-focused ADM Energy, an oil and gas investment company quoted on AIM, announced on 9 August the launch of fundraising comprising a placing by Pello Capital Limited in conjunction with a PrimaryBid offer
The company stated that the PrimaryBid offer was completed on 11 August.
The company raised gross proceeds of approximately US$604,000 at 16 pence per ordinary share through fundraising. The company will issue 3.1mn new ordinary shares as a result of fundraising. The funds raised will be used for general purposes of working capital to enable the company to assess additional investment opportunities and to provide investment funds.
Following the issue of the new ordinary shares, the company will have 49mn ordinary shares of 1p each in the issue. There are no ordinary shares held in treasury.
The company’s shareholders may use the figure of 49mn as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the company under the financial conduct authority’s disclosure guidance and transparency rules.
