Independent Resources revealed a mass company overhaul this morning.
The firm confirmed a new board, new investor and new name.
James Parsons, aged 44, has agreed to join the company as non executive chairman, after the leaving the helm of Sound Energy. He will be joined by Marco Fumagalli and Stephen James Whyte, who are both directors of Sound Energy.
The trio has agreed to continue the complete closure of its Italian operations to avoid any conflict with Sound Energy.
Mr Parson replaces Owain Franks, who has decided to leave the board and company with immediate effect.
Independent Resources also confirmed it would re-brand itself as Echo Energy.
Mr Parsons said: “We see the current environment as one of genuine opportunity for growth focused exploration and production companies. The changes announced today establish the initial platform from which the company will grow very significantly, in terms of hydrocarbon, human and financial resources.
“We will shortly publicly unveil our new strategy, alongside our first growth transaction.
“In the meantime, as part of our ethos of fair treatment to private investors, we would like to invite investors to join us, through the forthcoming open offer, on the same valuation as our cornerstone investor. This is a unique opportunity to gain access to a high growth vehicle, led and backed by an experienced and successful team, at the ground floor.
“I am looking forward to working with Continental, the Company’s new cornerstone investor and Greg, our Chief Executive, to quickly establish the Company as a successful mid cap player.
“I would also like to take this opportunity to thank Owain Franks and Grayson Nash for their stewardship of the Company over so many years.”
Finally, Greenberry, a Maltese based institutional investor, an associate of Continental Investment Partners, with a strong growth track record in small caps, have today subscribed for 1,002,971,638 new ordinary shares at a price of 0.065 pence per share to raise gross proceeds of approximately £650,000.
As a result of this subscription Greenberry will therefore be directly interested in 1,002,971,638 shares of the Company representing 29.9% of the Company’s ordinary issued share capital. It is expected that admission of the Subscription Shares to trading on AIM will occur on 9 March 2017