L&M seeks listing on Canada's TSX Venture Exchange
L&M Energy, with interests in oil and gas exploration permits in Taranaki, iwants to boost liquidity as it bids for new blocks and accelerates its drilling programme.
BUSINESSDESK: L&M Energy, which has interests in oil and gas exploration permits in Taranaki, is to seek a listing on Toronto’s TSX Venture Exchange in a move to boost liquidity as the company bids for new blocks and accelerates its drilling programme.
Wellington-based L&M has hired Calgary-based brokerage Casimir Capital to assist with the listing, it said in a statement to the NZX. Its shares already trade on the NZX and ASX.
“L&M believes that a wider listing of the company’s shares and a greater spread and depth of shareholders will add to trading liquidity to the benefit of all shareholders at a time when L&M is about to embark on an accelerated Taranaki exploration drilling programme over the next 18 months,” the company said.
In its existing blocks, L&M plans to drill one well at Kahili in the fourth quarter and at least two wells in Alton in 2013.
The company also plans to apply for new exploration blocks in the September 2012 government blocks offer “and hopefully increase our exposure in the Taranaki region”.
Shares of L&M last traded on the NZX at 8 cents and have declined 24% this year.
In April, the company said it had agreed to a funding arrangement with chairman Geoff Loudon, who would subscribe for five million $A1 notes maturing in 18 months and convertible to ordinary shares at the company’s discretion.
Mr Loudon advanced the funds as an unsecured loan pending shareholder approval of the notes issue, according to a statement in April.
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L&M seeks listing on Canada's TSX Venture Exchange
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