24 Nov 2010
LG advises on £110m AIM secondary fundraising for Cove Energy plc
International business law firm Lawrence Graham ("LG") has acted for AIM client Cove Energy Plc (Cove) on its £110 million (gross) fundraising.
Cove is a natural resource company whose strategy is to acquire distressed oil and gas assets. LG has acted for Cove since July 2009 advising on various acquisitions and capital raisings totalling more than £180 million.
The net proceeds of the fund24 Noraising, together with Cove's existing cash balances, will be used to fund its share of anticipated costs relating to its existing assets in Mozambique, Tanzania and Kenya and potential new opportunities.
The team advising Cove was led by Corporate partner Geoff Gouriet and senior associate Farhod Moghadam, with assistance from associates Sam Gray and Adam Summerfield.
Geoff said: "We are delighted to have acted for Cove on such a significant fundraising which moves Cove to the next phase of its development. It is a testament to Cove's recent success that there has been so much interest on the part of institutional investors to participate in this fundraising."
Notes to editors:
- LG is a business law firm with a particular focus on entrepreneurial and growth market clients seeking to raise capital for their business ventures.
- LG is ranked Number 1 legal adviser by market capitalisation and number of clients by Hemscott and Business XL publications.
- LG advises energy and natural resources clients with interests in over 30 countries across six continents.