MX Oil: Additional £175k raised to fund Company's investment in Nigeria

Issue of Equity

MX Oil, the AIM quoted oil and gas investing company, has announced that it has raised £175,000 via a placing of 14 million ordinary shares at a price of 1.25 pence per share. The Placing is in response to demand received from new and existing shareholders to participate on the same terms of the recent issue of equity, which was announced on 2 February 2016. The proceeds of the Placing will be used to fund the Company’s investment in Nigeria.

Application will be made for the Placing Shares to be admitted to trading on AIM and it is expected that Admission will become effective on or around 12 February 2016. The Placing Shares will rank pari passu with the existing ordinary shares of the Company.

Following the Placing, the Company will have 438,095,737 Ordinary Shares in issue, each share carrying the right to one vote. The Company does not hold any Ordinary Shares in treasury. The above figure of 438,095,737 Ordinary Shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Financial Conduct Authority’s Disclosure and Transparency Rules.

MX Oil’s Chief Executive Officer Stefan Olivier said, “It is always encouraging to be approached with regard to additional investment. We view this as an endorsement of our strategy to focus on our onshore Mexican concessions and progress the possible sale of our investment in the Aje field offshore Nigeria. I look forward to providing further updates in due course.”

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