MX Oil plc (“MXO”) have raised £680,000 for general working capital purposes, through a subscription and placing of 1,700,000,000 ordinary shares at 0.04 pence per share. This includes a strategic investment from the private office of His Highness Shaikh Ahmed Bin Dalmook Al Maktoum, which has subscribed for 1,335,000,000 shares (equating to £534,000), representing a shareholding of 29.86% of the enlarged issued share capital.
The strategic investor has a portfolio of privately held investments that focus on energy projects, LNG terminal development, commodity and oil trading as well as other industries and it is believed they will add considerable value through their knowledge, network, experience and access to capital.
Gneiss Energy is retained by MXO and acts as its commercial adviser.
Full RNS: https://lnkd.in/deK9t_Z