MX Oil (#MXO) – raises £0.68m at 0.04p, including £0.534m from Shaikh Ahmed Bin Dalmook Al Maktoum Private Office
- 2019-04-15 06:48:31
A statement is needed. A reliable source tells me that a placing is underway seeking to raise £500,000 at 0.5p. The shares are currently 0.65p-0.75p. Ouch.
Hong Kong based businessman Johnny Hon is a controversial chap. My interview with him at UK Investor covered the Gate Ventures AIM fiasco - as you can see HERE - but if he wants to build up a stake in a business he can buy a material stake - as we lucky shareholders have seen with R4E (R4E) - and now it appears that he has turned his attention to the MX Oil (MXO) pantomime.
There was I trying to get an early night's sleep and who should call, blissfully unaware that I was on Greek time. It was Stefan Oliver of MX Oil (MXO) concerned that the morons had told him that I had said that it was trying to get a £4 million placing away at 0.1p. Of course I had said nothing of the sort but Stefan went on the record to clarify the position.
According to Reuters the Mexican Government has revoked six oil licenses because the companies awarded the blocks did not in fact meet qualifying criteria. This appears to wipe out the Mexican asset base of MX oil (MXO). Oh dear.
A City source tells me that MX Oil (MXO) is - quite unbelievably - endeavouring to do another placing, this time at 1p.