Africa Oilfield Logistics Ltd is the latest shell from former cricketer Phil Edmonds and it plans to raise £4.25m to help to finance the acquisition of a business providing services to the oil and gas sector in Africa.
Africa Oilfield plans to place shares at 5p each and this would value the company at £11.1m.
The strategy is to acquire companies involved in logistics support for the oil and gas sector in sub-Saharan Africa. The directors have experience in the resources sector in this region. Aim-quoted agricultural company Agriterra, which used to be oil company White Nile, will hold a 3.74% stake.
The company is expected to join Aim on 25 June.
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