By Tom Winnifrith, The Sheriff of AIM | Wednesday 16 March 2016
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.
LGO Energy (LGO) has announced that it has raised £1.36 million in a placing at 0.25p and also that contractors have agreed to take payment of £590,000 of debts at the same price. This is a disastrous snub from the London Markets to David Lenigas as it was he who led this attempted bailout and mug punters were being promised a £5 million raise as you can see in leaked email correspondence below. Neil Ritson the hapless CEO of LGO admits that this is not enough, stating in the release: