TXO completes raising to expand investment in Grand Bahamas Group

TXO, an AIM quoted oil and gas investment company, has completed an equity placing of 521.5m new ordinary shares at 0.2p per share.

TXO, an AIM quoted oil and gas investment company, has completed an equity placing of 521.5m new ordinary shares at 0.2p per share.

The placing, which is conditional of admission, raises £1.043m before expenses.

One of the company's main investments is the Grand Bahamas Group, which is establishing a waste oil collection facility and Hydrocarbon Recovery Plant in the Bahamas.

The resulting funds of the placing are to be used primarily to exercise part of its option over additional shares in GBG and so increase its shareholding above the current holding of 23.64%. This will enable GBG to progress development of its hydrocarbon recovery plant, to expand its investment portfolio and for general working capital purposes.

Chairman Tim Baldwin said: "We are delighted by the response to the equity raise and to be able to welcome onto our share register a number of well-known City institutions. We are particularly excited by our investment in GBG and its development of a Hydrocarbon Recovery Plant in the Bahamas and we look forward to reporting on its progress during 2013."

The share price fell 24.56% to 0.21p by 11:30 Friday.

NR

Recommended

Broker safety – your questions answered
Investment strategy

Broker safety – your questions answered

Cris Sholto Heaton answers more of your questions about the safety of stockbroker accounts
25 Mar 2020
How demographics affects stock valuations
Investment strategy

How demographics affects stock valuations

New research suggests that stock and bond valuations are driven by the age of the population – at least in the US.
24 Feb 2020
Do you own shares in Sirius Minerals? Here’s what you need to do now
Stocks and shares

Do you own shares in Sirius Minerals? Here’s what you need to do now

Mining giant Anglo American has proposed a cash takeover of Yorkshire-based minnow Sirius Minerals. Unhappy shareholders must decide whether to accept…
20 Feb 2020
Why investors should be “cautiously bullish” for 2020
Stockmarkets

Why investors should be “cautiously bullish” for 2020

Analysts have been out in force making rosy predictions for stockmarkets in 2020, but while there is certainly a case for optimism, investors should r…
17 Jan 2020

Most Popular

Here’s why you really should own at least some bitcoin
Bitcoin

Here’s why you really should own at least some bitcoin

While bitcoin is having a quiet year – at least in relative terms – its potential to become the default cash system for the internet is undiminished, …
16 Sep 2020
Will a second wave of Covid lead to another stockmarket crash?
Stockmarkets

Will a second wave of Covid lead to another stockmarket crash?

Can we expect to see another lockdown like in March, and what will that mean for your money? John Stepek explains.
18 Sep 2020
James Ferguson: How bad data is driving fear of a second wave of Covid-19
UK Economy

James Ferguson: How bad data is driving fear of a second wave of Covid-19

Merryn and John talk to MoneyWeek regular James Ferguson about the rise in infections in coronavirus and what the data is really telling us.
17 Sep 2020