Aminex announces placing and open offer

30th Jan 2014 12:50

Oil and gas explorer Aminex has placed 800m shares at 1p each to generate funds for the acceleration of its seismic programme on its Ntorya-1 discovery and to pay certain creditors. The group raised £8m before expenses via the placing, and a further £2m through a one for four open offer of around 204.6m shares, also at 1p each. Chairman of Aminex Brian Hall said: "I am pleased to announce this placing which [...] will significantly strengthen our financial position and allow us to progress our exploration and production assets in Tanzania. We believe we now have the right team and will have the financing in place to move the company forward."Aminex also said it had undertaken a debt for equity exchange of approximately £0.75m with short-term creditors and had deferred the repayment of an $8m loan until July next year. Chief Executive Officer Jay Bhattacherjee added: "The management team is looking forward to transitioning Aminex from an exploration focused business to a well-rounded production, development and exploration company, with first African gas production expected approximately one year from now at Kiliwani North."NR