News blog

Astar Minerals

• BY: Andrew Hore |
• POSTED: 16/03/2014 |

Astar Minerals is consolidating its shares and raising cash to invest in oil and gas interests.

Every ten existing shares will be consolidated into one new share. The current share price fell 0.01p to 0.11p. The general meeting will be held on 31 March.

Astar is raising £1.05m at 1p a share and after expenses it will receive £950,000. The new shares account for 78% of the enlarged share capital.

The focus of the company is oil and gas investments in Mexico.

Andrew Frangos will become non-executive chairman and Stefan Olivier, who runs ISDX-quoted North American Petroleum, the Oklahoma-focused oil and gas company, will become chief executive. Both men work for Astar’s joint broker Cornhill Capital, which raised the new cash for the company. They will have an interest in 52.5m warrants exercisable at the placing price, which will vest when the share price closes at 2p for 30 consecutive trading days.

Download the latest AIM Journal from http://wwww.hubinvest.com/AIMPDFMarch2014_54.pdf