Independent Resources raises cash to fund North Africa expansion
The company is currently focused on the Ksar Hadada gas property in Tunisia but wants to build a broader portfolio and said it needs the money raised to tap into the significant opportunities especially in Egypt.
Greg Coleman chief executive worked as a petroleum engineer in Egypt for a number of years as did its chief operations officer and subsurface director. Independent added it had also held talks with potential partners to acquire interests in producing assets.
The placing will be in two stages with warrants attached that could realise a further £600000. The shares to be issued will total approximately 43.2% of the enlarged share capital.
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