Written by Rita Brown -
Trinity Exploration has applied to get its shares suspension reversed.
The firm made the bid after its restructuring plan was approved by a Trinidad and Tobago Court. Its shares have been suspended since July 2016.
Trinity, which operates a number of licences in Trinidad and Tobago, launched a formal sale process in April 2015, but was unable to get a deal over the line.
In March 2016, it revealed an agreement to sell £16.5million worth of assets to Touchstone Exploration had fallen through. However, it later ditched sales plans in a bid for restructuring.
The company has also applied to the London Stock Exchange for the 187,600,000 New Ordinary Shares, which form the Placing and Subscription, to be admitted to trading on AIM on 11 January 2017. The move would raise £9.3million for the firm. It plans to raise an additional £2.6million through the issuance of convertible loan notes.
The cash would be used to pay off creditors, covering one-off restructuring costs, and resuming drilling activities with an initial programme of four new onshore wells.