London-listed North Sea firm Independent Oil and Gas (IOG) today issued 2.8million new shares.
GE Oil & Gas submitted a notice to exercise 2.5million 11.9p warrants over ordinary shares awarded to it on November 1, IOG said.
Furthermore, 230,029 shares have been issued at a price of 1p each to “another contractor pursuant” for services provided before IOG was floated on the AIM in 2013.
IOG expects the shares to be admitted on November 8.
Following admission, there will be 105million ordinary shares in issue.
IOG shares dropped earlier this week after the company said it had scrapped plans to buy the Cronx licence in the southern North Sea.
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