News Column

Baker Steel Places Shares To Fund Global Oil Shale Investment

July 2, 2014

Samuel Agini

LONDON (Alliance News) - Baker Steel Resources Trust Ltd Wednesday said that it has acquired a 5.8% stake in Global Oil Shale Group PLC valued at GBP1.75 million, issuing 3.3 million new shares at 53.0 pence each to an institutional investor in the secondary market to fund it.

In a statement, Baker Steel said that the stake is its first investment in the energy part of the mining sector and in Australia. It said the investment "provides exposure to a nascent industry which is yet to be focussed on by mainstream investors."

Global Oil Shale is a private oil shale explorer and developer whose key asset is the Julia Creek oil shale project in Queensland, Australia.

Baker Steel Resources shares were Wednesday quoted at 38.75 pence, down 5.2%.

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Source: Alliance News

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