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Anglo African Oil & Gas issues new shares to satisfy near-term creditors

The company is in the process of becoming a cash-shell and a vehicle for new opportunities

Anglo African Oil & Gas PLC - Anglo African Oil & Gas issues new shares to satisfy near-term creditors

Anglo African Oil & Gas PLC (LON:AAOG) has provided a further financing update, noting the receipt of £50,000 from strategic investor Forum Energy to allow the company to satisfy near-term creditors.

The company has in turn issued 22.72mln additional shares to Forum, at a price of 0.22p each.

READ: AAOG agrees new terms for Congo divestment

“Forum has confirmed that further funds will be available to the company in due course,” AAOG said in a statement.

The group added that it “continues to manage its creditors carefully.”

Separately, Anglo African O&G issued another 13.95mln shares to certain other creditors, and has issued 100 new shares to chairperson Sarah Cope to enable the company’s pending annual general meeting to go ahead.

The share issue to Cope means that there will be a quorum of shareholders at the meeting, amid coronavirus travel restrictions - with gatherings being limited to two persons, only the chairperson and one other shareholder can be present in person.

Last week, Anglo African O&G announced new terms for the divestment of its Congo assets to Zenith Energy Ltd (LON:ZEN).

The top-line deal value reduces to £800,000 from £1mln, but the consideration will now be paid entirely in cash, whereas the original deal saw the group receive £500,000 cash and £500,000 in Zenith shares. The group said the cash will be paid to it in ten equal instalments.

Anglo African O&G is in the process of becoming a cash shell for future investment, and in January agreed a funding deal with Forum which at that time saw the company receive £250,000. In March, Forum agreed to provide a further £150,000.

Quick facts: Anglo African Oil & Gas PLC

Price: 0.325 GBX

Market: AIM
Market Cap: £1.52 m

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