AGR Energy to invest US$13.8 million in Max Petroleum

1 minute read
13 July 2015

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.

NOT LEGAL ADVICE. Information made available on this website in any form is for information purposes only. It is not, and should not be taken as, legal advice. You should not rely on, or take or fail to take any action based upon this information. Never disregard professional legal advice or delay in seeking legal advice because of something you have read on this website. Gowling WLG professionals will be pleased to discuss resolutions to specific legal concerns you may have.