New World Oil & Gas is an oil and gas-focused shell that has joined Aim today.
New World raised £3m at 5p a share. After expenses of £457,000, New World received £2.54m. The shares opened at 5.75p but they closed at 5.25p, valuing the company at £3.95m.
The cash will be used to finance the search for an acquisition and the necessary due diligence. The main focus will be on Central America and Eastern Canada. New World is already looking at a potential project in Belize.
The board includes former Victoria Oil & Gas boss William Kelleher.
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