President Energy has signed the conditional subscription agreement with the International Finance Corporation (IFC), a member of the World Bank, for an investment of about $2.8m.
The IFC subscription forms part of the proposed US$20.0 million Fundraising.
The IFC has agreed to subscribe for 37,474,240 Subscription Shares at the Placing Price of 6 pence per share.
The IFC's shareholding will, following the completion of the Fundraising, represent 11.7 per cent. of the Enlarged Share Capital.
Completion of the Subscription is subject to the satisfaction of certain conditions.