By Kyle Morris
Simec Atlantis Energy Ltd. said Wednesday that it is seeking shareholder approval to issue up to 40 million ordinary shares to New Technology Capital Group to satisfy its obligations under the placing agreement last December.
The energy company has called an extraordinary general meeting on Dec. 9 for shareholders to vote on the proposal.
Under the agreement, the balance of funds due to New Technology is 341,000 pounds ($456,156), Simec said.
It added that if shareholders don’t grant approval to issue the shares to New Technnology then Simec will need to pay the balance in cash.
Shares in Simec at 0955 GMT were down 0.05 pence, or 3.6%, at 1.35 pence.
Write to Kyle Morris at kyle.morris@dowjones.com