International Oil and Gas Tech Ltd Potential issue of equity (7925N)

TIDMOGT

RNS Number : 7925N

International Oil and Gas Tech Ltd

12 September 2013

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, TO US PERSONS OR IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA, THE REPUBLIC OF SOUTH AFRICA, THE REPUBLIC OF IRELAND, JAPAN OR ANY JURISDICTION IN WHICH THE SAME WOULD BE UNLAWFUL.

12 September 2013

International Oil and Gas Technology Limited

("IOGT" or the "Company")

Potential issue of equity

In the Interim Results announcement on 30 August 2013, the Company announced an intention to propose an issue of up to 9.99 per cent of the Company's existing share capital.

The Company today announces that it currently intends that the issue will be effected via a placing (the "Placing) to qualified investors* through its corporate broker, Numis Securities Limited ("Numis"), of up to a further 728,500 participating redeemable preference shares (the "Shares") at a minimum price per Share of $3.50.

This price would represent a 56.1% discount to the unaudited net asset value per Share of $7.98 as at 30 June 2013 and a 10.3% discount to the mid market price per Share of $3.90 as at close of business on 11 September 2013.

The Placing would be subject to Shareholder approval at a general meeting which would be convened as soon as practicable.

The Placing is expected to close at 2.00pm (London time) on Friday 13 September 2013 but may close later at the absolute discretion of the Company and Numis.

Qualified investors are invited to apply for Shares in the Placing by contacting Numis on the contact details below. The decision to allot Shares to any qualified investor under the Placing shall be at the absolute discretion of the Company and Numis.

The Company will make a further announcement of the results of the issue when it has completed.

* As defined in section 86(7) of the Financial Services and Markets Act 2000 (as amended).

For further information:

Numis Securities Limited

Chris Gook, Sales

Tel: [phone]

Nathan Brown / Hugh Jonathan, Corporate Broking & Finance

Tel: [phone] / 1263

Notes to editors:

International Oil and Gas Technology Limited is an authorised closed-ended investment company incorporated in Guernsey. IOGT invests expansion capital into companies that provide services and technology to the upstream oil and gas industry. These companies have proprietary and proven technologies, services and/or processes that can be deployed more rapidly or on a larger scale through the introduction of growth capital. Such companies are likely to have recurring annual revenues of between US$5 million and US$25 million, positive EBITDA and/or significant working capital, and strong management teams.

IOGT was admitted to the Official List of the UK Listing Authority and to trading on the London Stock Exchange on 7 January 2008. Its stock market EPIC is OGT.L. Further information can be found at www.international-ogt.com.

Numis, which is authorised and regulated in the United Kingdom by the Financial Conduct Authority, is acting for the Company and is acting for no-one else in connection with any placing by the Company and will not be responsible to anyone other than the Company for providing the protections afforded to its clients nor for providing advice in relation to any placing by the Company or any other matter referred to herein. To the fullest extent permitted by law recipients agree that Numis shall not have any liability (direct or indirect) for or in connection with this announcement or any matters arising out of or in connection herewith. Numis has not authorised the contents of, or any part of, this announcement.

This information is provided by RNS

The company news service from the London Stock Exchange

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