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Independent Oil & Gas's share issue well-supported

Last updated: 05:34 05 Nov 2014 EST, First published: 06:34 05 Nov 2014 EST

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Independent Oil & Gas (LON:IOG) has raised £450,000 through the issue of shares to new and existing shareholders at 11p a pop.

The issue price is a small 0.25p discount to the closing price of Independent Oil & Gas (IOG) on the day before the fund raising was announced.

The IOG directors are, in aggregate, subscribing for £100,000 worth of the newly issued shares.

Funds from the issue will be used for working capital purposes.

Meanwhile, it is time to bid farewell to chairman Mehdi Varzi, who has stepped down from the board with immediate effect to concentrate on his other interests.

Chief executive Mark Routh will take over as Interim Executive Chairman while the company mulls over the most appropriate structure of the board.

“We are pleased to have closed this fund raise despite the difficult market conditions. We will continue to look at all options to funding and developing our discoveries with the aim of getting them into production as soon as we possibly can,” Routh said.

“All members of the management team are significant shareholders in IOG and are aligned with all shareholders to deliver value,” he added, before expressing regret at Varzi’s departure.

Shares in IOG eased 0.15p to 11.1p in the morning session.

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