LGO Energy (LGO) has announced that it has raised £1.36 million in a placing at 0.25p and also that contractors have agreed to take payment of £590,000 of debts at the same price. This is a disastrous snub from the London Markets to David Lenigas as it was he who led this attempted bailout and mug punters were being promised a £5 million raise as you can see in leaked email correspondence below. Neil Ritson the hapless CEO of LGO admits that this is not enough, stating in the release:
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