Africa Oilfield Logistics Ltd, the AIM listed African focused support services and logistics company, is pleased to announce that it has raised £4.5 million (approximately $7.3m) by way of a placing of 60,000,000 new ordinary shares in the Company (the Placing Shares) at a price of 7.5 pence per Placing Share (the Placing) with existing and new institutional investors (the Placees). The funds raised will be used to support Africa Oilfield's development as it continues to establish itself as a leading support services and logistics provider servicing the sub-Saharan Africa resource sector.
Africa Oilfield's operations are being structured around six key, distinct and focussed divisions to provide clients with a full spectrum of products and services including remote workforce accommodation, facilities management and medical support. The Company is focussed on developing its operations in sub-Saharan Africa in order to capitalise on the region's resource boom which has seen significant investment through oil & gas and mining exploration.
Africa Oilfield Director Andrew Groves said, "The Placing will support Africa Oilfield's growth strategy as we look to establish the Company as the support services provider of choice in sub-Saharan Africa. With a strengthened cash position, established operational platform and first mover advantage, the Company is well placed to capitalise on the developing and highly prospective African resource sector."
The Placing Shares will, when issued, rank pari passu in all respects with the existing ordinary shares of the Company. Application has been made for the Placing Shares to be admitted to trading on AIM and accordingly dealings will commence at 8.00am on 20 December 2013 (Admission). Following Admission, the total number of voting rights in the Company will be 315,773,366 ordinary shares. This number may be used by shareholders 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 Company under the FCA's Disclosure and Transparency Rules.
