Netcentric Systems in 5 mln stg reverse takeover of The Oil Mining Co
LONDON (AFX) - Netcentric Systems PLC said it has conditionally agreed the
reverse takeover of The Oil Mining Company Inc (TOMC) through the issue of 200
mln new shares, valuing TOMC at 5 mln stg at the accompanying placing price of
2.5 pence a share.
The company said it is to raise up to 1.28 mln stg before expenses through
the placing of 51.23 mln new shares to fund the acquisition of producing oil
wells and proven shallow drilling prospects in the US and to meet the working
capital requirements of the enlarged company.
Netcentric said the trading suspension on its shares has been lifted.
