London – March 24, 2017 – Cooley advised IGas on its capital restructuring and new equity fundraise of £45.2 million. The funding is the result of a new investment from Kerogen, a placing of shares with institutional investors and a subscription by directors and third parties. The transaction also involves the equitisation of up £62 million of secured and unsecured debt and a voluntary offer of cash redemption of a further £26 million of secure debt.
IGas Energy is a leading British oil and gas explorer and developer, producing 2,500 barrels of oil equivalent per day from over 100 sites across the country. The restructuring would help IGas be well positioned to capitalize on value-accretive opportunities alongside its $230 million carried work programme.
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