Oil and gas firm Aminex has announced a share placing of 800 million new ordinary shares as part of a plan to raise £8 million (€9.7million), as it seeks to develop its assets in Tanzania.
It also revealed plans to raise a further £2million (€2.4 million) through a one-for-four open offer to shareholders that will be priced at one pence per share.
The proceeds of the placing will be allowed the company to develop its seismic programme surrounding its Ntorya-1 discovery.
Aminex has three main assets including the Ruvuma PSA, where the Ntorya discovery is located. It it also involved in the Kiliwani North gas field, which is expected to begin production in early 2015 and is carrying out an evaluation in the Nyuni area.
In its announcement today, the company also said it had deferred a loan repayment of $8 million until July 2015.
The loan facility, which was was agreed in January 2013, had been provided by a fund managed by Argo Capital Managment (Cyprus) Ltd and was due to be repaid at the end of last year.
