Enegi Oil in £2m fundraising with US investor

OIL exploration firm Enegi Oil has raised £2m through a share placing with a new US investor.

The Manchester company which is active in Ireland, Canada, the Middle East and the North Sea, placed the shares at 8.07p, at a slight discount to yesterday’s closing price of 8.65p.

A US-based investment fund called YA Global Master SPV has made the investment which represents 13% of the enlarged share capital.

The deal allows Enegi to earn money back on some of the shares each month in what is described as an “equity swap arrangement”.

Enegi plans to use the cash to fund its work in the North Sea and in Ireland, and pay for new offshore licences.