Doc challenges Nostra Terra CEO Matt Lofgran on yesterday’s placing
On Wednesday Nostra Terra Oil & Gas (NTOG) announced a £1.15million placement. This was 3 weeks after CEO Matt Lofgran spoke with us and told us the company didn’t intend to raise money. Investors have been understandably frustrated at this, so Doc spoke with Matt to put the question directly to him about what changed? Did he know he was going to do the raise when he spoke with us?
Listen now to hear what Lofgran has to say, his answers might well surprise.
Lofgran emphasises the strong fundamental position Nostra Terra now finds itself in, how the company didn’t need to raise money and how this deal came about because of genuine institutional interest.
Unfortunately for many AIM companies “institutional interest” usually means some spivy little operation of flippers. Doc rightly pursued Lofgran on this point, asking him to confirm that the company is talking about a legitimate institution.
Lofgran is adamant it is.
All we now need to do is wait for the next TR1, once the placing shares are admitted in a couple of weeks’ time.
If Lofgran proves to be correct then the £1.15million might well turn out to be a great bit of business for Nostra Terra, as it will be able to keep more of the Mesquite asset in the event of any farm-in.