Eco (Atlantic) Oil & Gas said all conditions bar admission have now been met for its previously announced $7.7m direct equity subscription, after the TSX Venture Exchange gave conditional approval.
The Atlantic Margin-focused oil and gas explorer, which holds offshore exploration interests in Namibia, South Africa and the Falkland Islands, will admit 18m new common shares to trading on AIM at 8.00am on 20 October, at an issue price of 32.5p (CAD 0.61) per share.
The shares were subscribed for by two existing shareholders: Jerusalem Report Publications, an Israeli investment group controlled by Eli Azur whose interests include an approximate 25% stake in Tamar Petroleum, a partner in the Tamar gas project offshore Israel, and Agility Fund Management, an Israeli hedge fund manager.
Eco said the net proceeds will strengthen the group's financial position as it progresses its portfolio of exploration assets.
The subscription follows a busy stretch for Eco's asset base in which the company received final Namibian ministerial approval on 1 October for the transfer of a 60% interest across its Cooper, Guy and Tamar licences to BP Namibia Energy, a deal expected to bring a one-time completion payment of $2.7m, and it completed the farm-down of a 37.5% interest in Block 1 CBK offshore South Africa to Navitas Petroleum for $4m in September.
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