NORTH Sea-focused Independent Oil & Gas has hit a complication with its fund-raising efforts but still expects to have a key financing arrangement in place next month.
The London-based company said it had not received £145,000 equity funding it arranged last month as expected on Tuesday June 30.
Independent said it had expected to receive the funds that day from a third party that subscribed for 609,500 shares at a price of 23.79p on 22 June.
"The Company is in ongoing dialogue with the third party to confirm when the funds will be received," said Independent, which did not identify the party concerned.
The Aim-listed company said it plans to raise £50,000 short term funding in total from chief financial officer Peter Young and chief operating officer Richard Jameson. This will ensure the company has sufficient working capital to cover its activities to the end of July 2015.
Independent said the two men will subscribe for a total of 210,174 new shares the firm will issue at 23.79p each, without giving further details.
A day after highlighting the progress it had made towards securing funding to develop four fields, the company said the effort is still on track.
It said: "Long term financing discussions on the funding of Skipper, Cronx, Elgood and Blythe
through to production are progressing well with an internationally listed group with a multibillion
dollar market capitalisation and all parties continue to work towards completion of
the transaction by 15 August 2015."
Announcing an annual loss of £12m on Tuesday, Independent said it is targeting first gas from the Blythe field off eastern England in the second quarter of 2017.
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