KEYFACT Energy
Lansdowne Oil & Gas has raised £488,000 by way of a placing of 81,333,333 new ordinary shares of 0.1 pence each with existing investors at a placing price of 0.6 pence per Placing Share. Brandon Hill Capital Limited ("BHC") acted as broker.
The proceeds of the Placing will be used to meet the Company's expected share of Barryroe costs and to fund the Company's ongoing working capital requirements until the end of 2020.
BHC and LC Capital Targeted Opportunities Fund, L.P. ("LCCTOF") have both also agreed to convert the outstanding amount of their 2019 loans to the Company, amounting to £155,605.48 (comprising of £150,000 principal and £5,605.48 accrued interest) each, into new ordinary shares at the Placing Price.