By Devika Patel
Knoxville, Tenn., Nov. 30 - Forum Energy plc said it raised £1.5 million in a private placement of shares.
The company sold 3,008,412 ordinary shares at 50p each to Philex Petroleum Corp. and Wellington Asset Management Ltd.
Proceeds will be used to satisfy the minimum cash requirements set by the Philippine Department of Energy for the first sub-phase commitments in respect of the GSEC101 license.
Based in London, Forum is an energy group with natural gas, oil and coal assets in the Philippines.
| Issuer: | Forum Energy plc
|
| Issue: | Ordinary shares
|
| Amount: | £1,504,206
|
| Shares: | 3,008,412
|
| Price: | 50p
|
| Warrants: | No
|
| Investors: | Philex Petroleum Corp. and Wellington Asset Management Ltd.
|
| Settlement date: | Nov. 27
|
| Stock symbol: | London: FEP
|
| Stock price: | 43.6p at close Nov. 27
|
| Market capitalization: | £13.1 million
|
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