AGR Energy to invest US$13.8 million in Max Petroleum

On 13 July 2015, Max Petroleum Plc announced a conditional cash subscription by AGR Energy to raise US$13.8 million (£8.98 million) before expenses for 3,834,590,973 new Ordinary Shares at a price of 0.2341 pence per share such that AGR Energy will hold 63.8% of the Enlarged Issued Share Capital immediately following completion of the Subscription.

The Subscription is intended to provide working capital to Max Petroleum to alleviate its severe immediate financial stress.

The firm is counsel to AGR Energy in this proposed transaction with a team that includes Charles Bond and Sefton Collett.