TXO Up after RNS Release

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The board of TXO (LSE:TXO) announced on Friday that it has issued Convertible Loan Notes totalling £961,200 to high net worth individuals, directors, advisors, and institutional investors to settle outstanding fees.

The notes are due for repayment by 30 April 2013 or may be converted wholly or partially into TXO ordinary shares at 0.75p per share.

Following the loan note issuance, TXO received £925,000 in cash. Proceeds of the loan note will be used to fund the exercise of TXO’s call option in order to acquire a 19.9% interest in Empire Energy Corporation International. Another announcement is planned following the successful completion of investment in the company.

TXO closed up 19.7% on Friday at 0.7p.

Grant of Share Options

In a release at 15:30 on Friday, the TXO board announced that it has issued a total of 33,000,000 options over ordinary shares, representing around 7.2% of the company’s current issued capital. Options were granted with a 0.5p exercise price, exercisable for 5 years following a 12 month vesting period from the date of the grant. The options are issued in recognition of work done associated with the company’s restructuring.

30,000,000 options have been granted to Tim Baldwin, while 3,000,000 were granted to Iain May.

Company Spotlight

TXO Plc is an investment company with net assets of approximately £865,000. Their strategy is to acquire minority interests in companies that they believe have the potential to create shareholder value, with a focus on the hydrocarbon resource sector in North and South America.

References
 About TXO

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