i3 Energy issues new shares in $0.5m loan conversion

Oil and gas production and development company i3 Energy issued 1.5m ordinary shares after James Caird Asset Management exercised convertible loan notes worth $500,000.

The issuing of the new shares from AIM traded company i3 Energy will mean the company’s total share capital will comprise 35,771,399 ordinary shares with this also consisting of the total voting rights in the company.

Following the issue of shares the loan’s remaining value is $2m.

The ordinary shares issued to James Caird Asset management will rank pari passu with existing ordinary shares and constitute a 4.2% stake in i3 Energy.

An application has been made to list the new shares on the AIM market with trading expected to commence on or around 8 March.

i3 Energy intends to commence oil production at its Liberator Oil Cluster this quarter and seeks to grow the business in the long term through acquisition of development and appraisal assets.

As of 1447 GMT, i3 Energy’s shares were down 2.52% at 58.00p.