22 Nov 2011 07:00
Immediate Release, 7 am
22 November 2011
Leni Gas & Oil PLC
("LGO" or the "Company")
Equity Placement and Total Voting Rights
Leni Gas & Oil plc today announces that it has raised £176,000 through the issue of 19,000,000 new shares of 0.05p each in the Company at a placing price of 0.93p per share to Dutchess Opportunity Cayman Fund Ltd ("Dutchess) under the Equity Line Facility ("ELF") of up to £5 million announced previously on the 3 October 2011. In addition the facility fee due under the ELF of 4,200,000 new shares of 0.05p each has also been issued to Dutchess.
Subsequent to the issuance of these shares the Company will have 942,454,965 ordinary shares in issue.
Application will be made for the 23,200,000 new ordinary shares to be admitted to trading on AIM and these will rank pari passu with the Company's existing shares. Dealings of the new shares on AIM are expected to commence by 29 November 2011.
Neil Ritson, LGO's Chief Executive commented: "LGO has some very exciting new opportunities, most especially in Trinidad where we have recently acquired new oil exploration leases and the Goudron Field reactivation project. The funding was completed in a difficult period in the market and the funds will be used to provide a small amount of working capital to maintain the momentum behind these projects."
Enquiries:
Leni Gas & Oil plc
David Lenigas Neil Ritson | +44 (0)20 7440 0645
|
Panmure Gordon
Katherine Roe | +44 (0) 20 7459 3600 |
Hannah Woodley |
Shore Capital
Pascal Keane +44 (0) 20 7408 4090
Jerry Keen
Pelham Bell Pottinger
Mark Antelme | +44 (0) 20 7861 3232 |
Henry Lerwill |
Beaumont Cornish Limited
Rosalind Hill Abrahams Roland Cornish | +44(0) 20 7628 3396 |