Lion Energy gets new leash on life
PERTH (miningweekly.com) – The share price of ASX-listed Lion Energy spiked nearly 18% on Wednesday on news that the company would proceed with the expansion of its oil and gas interest in Indonesia, and with financing transactions.
Lion Energy has now signed binding agreements with KRX Energy and Risco Energy Investments.
Under the agreement with Risco, Lion Energy would be given a A$1.5-million convertible loan, which could be converted into 7.5-million new shares and 3.12-million unlisted options, exercisable at 26c each.
Lion Energy would also undertake a placement of some 30-million shares to Risco, at 20c each to raise A$6-million. A further A$1.5-million would be raised by a similar share placement to Indonesian firm Tower Energy.
Lion Energy would also move to acquire all the remaining shares in KRX that it did not already own, by issuing some 11.6-million shares, at a deemed issue price of 20c each.
Furthermore, ASX-listed Lion Energy would acquire all the rights to an area of mutual interest between Risco, Tower and KRX, including the right to progress four submitted unconventional joint study applications for potential oil and gas projects covering some 17 438 km2.
Lion Energy would issue more than 4.9-million shares to Risco and a further 4.2-million shares to Tower, under this transaction.
The company said that it would now seek to undertake a share capital consolidation of its securities on a one-for-eight basis, while also launching a share offer to current shareholders to raise a further A$2-million by issuing 10-million fully paid shares, at a price of 20c each.
Lion Energy shares were trading at a high of A$0.02 on Wednesday, up from a low of A$0.019 each.
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