San Leon Energy, a London-listed oil and gasoline explorer, is on the point of a $185m take care of a US-based investor that can allow it to take management of a key Nigerian pipeline asset.
Sky News has learnt that San Leon, shares during which have been suspended since July pending the publication of its annual outcomes, may announce the funding from Tri-Ri Asset Management as quickly as this week.
Banking sources stated the deal was anticipated handy Tri-Ri an preliminary stake within the firm of roughly 10%.
Its funding is being made at a worth of 30p-per-share – virtually twice the extent at which the inventory was suspended.
Tri-Ri would then transfer to a holding of roughly 25%, with warrants to extend that stake nonetheless additional by way of new warrants within the firm, the sources added.
The deal is claimed to have the backing of Toscafund Asset Management, which owns a 75% stake in San Leon.
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One trade analyst stated shareholders have been now more likely to be assured that San Leon may finally obtain a $1bn valuation, with an extra itemizing in Abu Dhabi anticipated to kind a part of its plans.
One supply stated the proceeds from the funding could be used to attain majority possession of ELI, a pipeline finally able to dealing with every day flows of 100,000 barrels of oil.
A beforehand agreed construction to spend money on San Leon was terminated by the corporate’s board, in keeping with a inventory change announcement on Monday afternoon.
San Leon declined to remark, whereas Toscafund has been contacted for remark.
Content Source: information.sky.com