ADM Energy said the £375,000 raise, structured as a placing and subscription, is intended to fund an additional investment in the Vega Upstream JV that it expects will increase the company's monthly revenue to roughly US$111,000, subject to conditions.
ADM Energy, a natural-resources investing company with holdings including 100% of Vega Oil and Gas and a 10% asset interest in the Vega Upstream JV, said the proceeds will also help the company realise the benefits of the previously announced Midcon Acquisition.
“The placing today makes it possible for the Company to realize maximum benefit from the revenue, cash flow and upside of the previously announced Midcon Acquisition,” Executive Director Randall J. Connally said.
