Leni Gas & Oil rights issue raises £1.3m

Explorer Leni Gas & Oil yesterday announced that it has raised £1.3m through a rights issue, which was a specific condition to secure the first drawdown from a bridge loan. 162.5m shares were sold for 0.8p per share. The company is working with two lenders to secure long-term financing to fund its oil production operations in Trinidad and Spain. Funds from the share placing, which was oversubscribed, will be used to strengthen the company’s balance sheet and expand its Trinidad operations.