Loyz Energy places out new shares to wipe out debt

SINGAPORE (Feb 27): Oil explorer Loyz Energy has placed out nearly 465.9 million shares at 2.6 cents to a group of creditors, as full and final settlement of outstanding debt of some US$8.56 million ($12.11 million).

The placement price of 2.6 cents represented a 2.3% discount off the volume weighted average price of 2.66 cents on Friday.

The new shares will increase the company’s share base by 30.5%, to nearly 1.53 billion shares.

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