Onzima disposes of short MX Oil investment

11th Apr 2016 14:10

(ShareCast News) - Onzima Ventures disposed of its 20 million ordinary shares in MX Oil on Monday, making a net gain of £10,176 or 6.8% in the process since investing in March.The AIM-traded company retained four million warrants exercisable at 1p per share for a period of three years."Pursuant to our investing policy our investments are likely to be held for the short to medium term in the case of publicly-traded holdings," said Onzima CEO Gavin Burnell."We retain our warrant holding in MXO giving us nil cost upside exposure and will utilise the funds received for making new investments and working capital"Burnell said the firm retained a healthy cash balance and was well-placed to take advantage of new opportunities."N4 Pharma, in which we hold a 49% stake, has made excellent progress since we acquired our position and we expect strong news flow in the coming weeks."We look forward to updating the market with further news as soon as we are able."Onzima's shares had traded choppily through the day, but at 1340 BST were up 1.25% at 0.81p. MX Oil was down 1.38% at 0.79p.