TXO, an AIM quoted oil and gas investment company, has entered into a liquidity facility agreement with Windsor Capital Partners, under which it has issued and allotted 50m shares, equal to 4.29 per cent of the issued share capital to Windsor, in exchange for a promissory note.
The company believes this agreement will allow it to access capital using the natural liquidity that is available in the company's shares in a more cost effective manner than traditional equity line products have offered.
The facility is for a 12 month period and no fees were paid in advance.
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Tim Baldwin, Chairman, said: "This product enables TXO to benefit from the liquidity seen in the company's shares without putting downward pressure on our share price. It also represents a cost effective mechanism for raising modest amounts of capital, as and when market conditions are favourable."
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