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RNS Number : 3166V

TXO PLC

11 January 2013

TXO PLC

("TXO" or the "Company")

EQUITY ISSUE RAISING GBP1.043 MILLION

TXO plc, the AIM quoted oil and gas investment company with investments in the Grand Bahamas Group Limited that is establishing a waste oil collection facility and Hydrocarbon Recovery Plant ("HRP") in the Bahamas and has made other investments including an initial investment in establishing an oil and gas exploration company named Tasmanian Oil and Gas Ltd ("TOG"), announces that it has completed, conditional on admission, an equity placing of 521.5 million new ordinary shares of 0.1 pence each ("Placing Shares") at a price of 0.2 pence per share (the "Placing") raising GBP1,043,000, before expenses, principally through Fox-Davies Capital Limited.

The funds from the Placing are to be used by TXO principally to exercise part of its option over additional shares in GBG and so increase its shareholding above the current holding of 23.64% and so enable GBG to progress development of the HRP, to expand its investment portfolio and for general working capital purposes.

Application has been made to the London Stock Exchange for admission of the Placing Shares and Subscription Shares and to trading on AIM ("Admission"). It is expected that Admission will become effective and that trading will commence on 16 January 2013.

Following Admission, the Company will have 1,047,835,913 ordinary shares in issue. The new ordinary shares will rank pari passu in all respects with the existing ordinary shares.

Tim Baldwin, Chairman of TXO and a Director of GBG, stated:

"We are delighted by the response to the equity raise and to be able to welcome onto our share register a number of well-known City institutions. We are particularly excited by our investment in GBG and its development of a Hydrocarbon Recovery Plant in the Bahamas and we look forward to reporting on its progress during 2013."

For further information, please contact:

 
 TXO PLC 
 Tim Baldwin, Chairman                  +44 (0) 207 518 4300 
 
 Fox Davies Capital Limited             +44 (0) 20 3463 5000 
 Simon Leathers (Nominated Adviser) 
 Daniel Fox-Davies / Richard Hail 
 
 Lothbury Financial Services Limited    +44 (0) 203 440 7620 
 Michael Padley / Chris Roberts 
 

For further information on TXO please visit: txoplc.co.uk

This information is provided by RNS

The company news service from the London Stock Exchange

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