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Cross buys more Parkmead shares

TIP UPDATE: North Sea-focused oil and gas junior Parkmead is raising £15.9m in a share placing
December 18, 2012

North Sea oil and gas explorer Parkmead (PMG) has received another ringing endorsement from its executive chairman, Tom Cross, who is subscribing for £3.4m-worth of shares in a £15.9m financing at 12.25p a share. Mr Cross, of Dana Petroleum fame, will also convert £3.4m of personal loans to Parkmead into shares in order to maintain his interest in the company at around 27 per cent.

IC TIP: Buy at 14.75p

Parkmead says it will use the money to advance its large stable of licences and possibly acquire new ones, but did not provide specifics about next year's drilling plans.