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EGDON: Subscription of approximately £3m (gross) and proposed Open Offer of up to £2.06m (gross)
November 1, 2016
Egdon is pleased to announce the following developments:
Subscription agreed to raise approximately £3m (gross), by the issue of 22,222,222 Ordinary Shares at 13.5p per share to HEYCO International, Inc. (“HEYCO International”), with shares expected to be admitted to trading on AIM on 11 November 2016.
HEYCO International is an existing shareholder of Egdon and is a wholly owned subsidiary of HEYCO Energy Group, Inc., a company with significant experience in unconventional exploration and production.
Open Offer to be made as soon as practicable to all Qualifying Shareholders to raise up to a further £2.06m (gross) by the issue of up to 15,227,843 shares at 13.5p per share.
Mark Abbott, Managing Director of Egdon, commented:
“We are delighted to have strengthened our balance sheet by securing this strategic funding from HEYCO International, an existing shareholder with extensive knowledge and experience of exploration and production of unconventional hydrocarbons. We are pleased that George Yates, the highly respected President of HEYCO International, has provided such positive support for our business model.”