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New World Oil & Gas: Transaction with Niel Petroleum Management Interview
On 21st August New World Oil and Gas (LON:NEW) announced the terms of a transaction with Niel Petroleum S.A. which sees approaching 2.2 billion additional shares issued and brings in $25m in fresh cash at 0.735p per share. The deal also provides for a further $25m to be made available to the company in the form of a debt facility.
The transaction, which was approved by shareholders at the general meeting on 12th September, results in issued share capital of just under 2.9 billion shares. The company will be well funded but, understandably, shareholders who invested in New World on the basis of major upside on discovery of oil & gas or through commercialisation of the company's known assets in Denmark and Belize, may question whether the enlarged company still fits their investment criteria.
With this in mind we wanted to offer Management the opportunity to expand on the significance of this strategic development and address any investor concerns. We trust you will find this podcast interview informative.