Andalas raises 1.05m pounds via private placement
Tuesday, August 15 2017 - 01:14 AM WIB
British energy company Andalas Energy and Power plc said that that it has conditionally raised 1.05 million pounds via a placing of 1,615,384,615 ordinary shares of nil par value at a price of 0.065 pence per share.
The company said in a statement on Monday the proceeds will be used to repay the outstanding Sandabel Capital LP loan note.
Andalas said it will also use the proceeds to fund its ongoing work program with Indonesian firm PT PP Energi, a subsidiary of state-controlled engineering and construction firm PT PP (Persero) Tbk to advance a 30 MW independent gas-fired wellhead power facility in Jambi Province, and also to develop further projects.
David Whitby, CEO of Andalas Energy and Power plc commented: ?Following the recent announcement of our first project with PP Energi, this placing strengthens our balance sheet by fully settling the outstanding loan note with Sandabel Capital.?
He added that at the same time it provides the company with additional funds as we look to progress both the Jambi-1 development project with PP Energi as well as other potential opportunities being developed with Pertamina, Indonesia's state-owned oil and gas company.
Editing by Reiner Simanjuntak