By Michael Susin
Barryroe Offshore Energy said it has received 1.05 million euros ($1.1 million) through a subscription and a EUR300,000 loan from its major shareholder to explore restructuring options, and added that its chief financial officer has stepped down.
The London and Dublin-listed oil-and-gas company said Monday that its main shareholder Vevan Unlimited Company has also committed to further funding of EUR5 million following the agreement of a business plan.
The company said completion of the initial investment is conditional upon the cancellation of all of the existing shares, and that the entire board has committed to stand down by no later than the end of November.
Barryroe added that Colin Christie has stood down as CFO and has now left the company.
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