Teeling exploration firm to relist on AIM
A COMPANY controlled by the entrepreneur John Teeling is to relist on London's AIM exchange after raising enough funds for an acquisition.
Persian Gold will be restored to the alternative investments market and will complete the purchase of Hydrocarbon Exploration after fundraising of £2.7m was finalised.
The enlarged group is to be renamed Clontarf Energy and will be focused on oil and gas exploration rather than gold. It will have a market cap of £12m.
The company was originally de-listed in order to agree the purchase of Hydrocarbon. The all-paper deal will see Hydrocarbon shareholders receive 2,800 Persian shares for every one Hydrocarbon share, valuing the transaction at £4.56m. It is expected to close in April.
Hydrocarbon holds the US and Bolivian assets of Pan Andean Resources which was acquired by Petrominerales in 2010. Hydrocarbon has since acquired two exploration blocks in Peru and taken a 30pc interest in a Ghanaian oil play.
Mr Teeling, who will be chairman of Clontarf Energy, admitted that while delays in the deal -- it was announced last summer -- were frustrating he was glad to have finally agreed the takeover.
"The new Persian Gold, when it is renamed Clontarf Energy, will be an aggressive oil and gas explorer in some of the most attractive energy areas in the world.
"Completing legal, financial and technical due diligence in three continents, combined with holiday periods extended the time to completion, but we are there now. A weighty prospectus will be dispatched to all shareholders and following shareholder and court approvals, the deal will be finalised," he said.