Matra Petroleum PLC: Business description, financial summary, 3yr and interim financials, key statistics/ratios and historical ratio analysis.
Provider: Reuters Investment Profile
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Matra Petroleum Plc Announces Introduction Of Strategic Investor, Proposed Placing To Raise GBP4.6 Million
Matra Petroleum Plc announced that it has entered into an agreement with Mr. Maxim Barskiy, pursuant to which it is proposed that Mr Barskiy will become a strategic investor and a non-executive director of the Company. The introduction of Mr Barskiy as a strategic investor is expected to bring considerable new project acquisition opportunities to the Company. As part of the agreement, Mr Barskiy will, subject to Matra shareholder approval, subscribe for a placing of 575,000,000 new ordinary shares in Matra at an issue price of 0.8 pence per share (Placing Shares), raising a total of GBP4.6 million before expenses (Placing). Following the Placing, Mr Barskiy's holding will be approximately 29.8% in the enlarged share capital of the Company. Upon completion of the Placing, it is intended that Mr. Barskiy will be invited to join the Board of Matra as a Non-Executive Director. The net proceeds of the Placing will be used to advance Matra's existing operations on its Sokolovskoe Field in Orenburg and to enable a more progressive new ventures strategy. Mr. Barskiy's involvement with Matra is expected to significantly enhance new venture opportunities for the Company and will mean the Board can now consider a wider range of growth opportunities than those that were previously available to it. This includes potential acquisition opportunities in other parts of Russia in the short term and potential expansion internationally in the medium term.
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