IGas proposes placing 24 million new shares with investors

AIM-listed exploration and production company IGas is proposing placing up to 24.3 million new ordinary shares with new and existing institutional investors to facilitate investment in IGas's shale resource.

The shares, which would be at a price of 95p per placing share, represent approximately 15% of the company's existing issued share capital.

MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free

https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748.jpg

Sign up to Money Morning

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

The announcement follows recent developments in the UK with the lifting of restrictions on exploration for shale gas announced by the UK Government on December 13th and the establishment of the Office for Unconventional Gas and Oil.

IGas' shares were down 7.59% to 106.50p at 10:33 on Tuesday morning.

MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.