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Reabold Resources subscribes for new shares in Danube Petroleum
22 Nov 2019
Reabold Resources, the AIM investing company which focuses on investments in pre-cash flow upstream oil and gas projects, has entered into an agreement to increase its interest in Danube Petroleum via a subscription for new ordinary shares.
Reabold has exercised its option to subscribe for 200,000 new shares in Danube at a price of £1.20 per share for a total sum of £240,000. The Company retains the option to invest another £1.7 million in Danube at a fixed price of £1.20 per share.
Following the subscription agreement, Reabold holds a 43.2 per cent. interest in Danube, which has a 100 per cent. working interest in the sole risk area within the Parta licence that includes IM-1, as well as 50 per cent. of the remainder of the Parta licence.
For the year ended 31 December 2018, Danube recorded a loss for the period of £84,543. As at 31 December 2018, Danube reported net assets of £5.54 million.
Source: Reabold Resources