Edge Resources secures agreement with investor

Edge Resources jumped on Tuesday after securing financing from a new strategic investor group.

The group said it closed a private placement for gross proceeds of $500,000 which will be used to support its acquisition strategy.

This follows several months of due diligence with the investor group, which will help Edge Resources to make investments into the Canadian oil and gas industry.

Edge Resources is plans to invest on "aggressive and focused" growth through mergers and aquisitions available in a volatile oil and gas market.

Chief executive Brad Nichol said: "Being able to raise new capital in this very challenging market is an accomplishment that few have been able to demonstrate.

"To have a new capital partner commit now, as we embark on an aggressive growth strategy through consolidation of medium and heavy oil assets, signifies a major kick-start to Edge becoming one of Canada's high-growth exploration and production companies."

Shares rose 12% to 3.5p on Tuesday at 10:01.