Will hold 14% of Longford’s (LFD) common shares
Shares of Longford Energy (TSX: V.LFD, Stock Forum)shot up 28% at 34.5 cents on Thursday as the oil and gasexplorer/producer announced that it has entered into a subscriptionagreement with Quantum Partners Ltd., a private investment fund managedby Soros Fund Management LLC, whereby Quantum has agreed to purchase 19million units of the company at a price of 30 cents per unit for totalgross proceeds of $5.7 million. Upon completion of the offering, Quantumwill hold approximately 14% of the issued and outstanding common sharesof Longford.
The company intends to use the net proceeds from the financingto further the exploration and development of the Chia Surkh block inthe Kurdistan Region of Iraq and for general corporate purposes.
On the Stockhouse Bullboards, poster cupricity believes“this is not much of a gamble at 35 cents. There is oil in dem hills.There is some political risk. But looking at it there is a goodchance that someone is going to hit a nice rich pocket of light sweet crude under the desert and oil is (going) to come shooting out just like the stock price.”
Soros became a BIllionare by seeing value. Follow the SMART MONEY