Madagascar Oil is considering delisting from the London Stock Exchange after entering into a framework agreement with its lenders to secure new financing.
The deal which would involve it delisting from London’s AIM.
Madagascar said its lenders have agreed to provide financing to the company through a two-tranche equity placing that would first raise $2million through a placing at 1.0 pence per share, with the second tranche seeking to raise a further $2-$4million at 0.75p per share.
The company will convene a Special General Meeting to seek shareholder approval to delist from the AIM.
Earlier this month the London-based company said it was continuing to identify potential strategic partners to work with it on the development and funding of the world-class Tsimiroro field onshore Madagascar but no deal had been done.
Recommended for you
