952,380 ordinary shares were issued to an institutional investor at a price of 10.5p, and 400,400 shares were issued to the trustees of the pension fund of Steve Remp, Ramco's Chairman, at 12.5p per share. The funds will supplement working capital.
An application will be made to London Stock Exchange for the new ordinary shares to be admitted to trading on the AIM market and it is expected that trading will commence on June 7, 2006.
Following the share issue, there will be 35,017,815 ordinary shares of 10p each in Ramco Energy plc in issue. Mr. Remp's beneficial holding now totals 4,256,068 ordinary shares, representing 12.15 percent of the issued share capital of Ramco. Mr. Remp also holds options over 432,500 shares.
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