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1947 Oil & Gas Plans GBP50 Million Fundraise Amid Listing on London Bourse's AIM

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1947 Oil & Gas on Wednesday unveiled a plan to raise 50 million pounds sterling as it seeks admission to the AIM market of the London stock exchange.

The oil and gas production company is planning to issue 500 million new ordinary shares at 0.10 pound apiece for the fundraise, according to a same-day filing.

Shares of the company are expected to commence trading on the bourse in August under the ticker symbol 1947. Market capitalization on admission is projected at 65 million pounds.

In line with the listing, the company agreed to buy US-based oil and gas production company Renaissance Offshore, which holds interests in 11 shallow-water Gulf of America fields. The acquisition will be completed upon the company's trading debut, partially financed using net proceeds from the fundraise.

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