A company associated with the family of Libya's Colonel Ghaddafi has invested in Irish exploration company Bula.
One Nine Investment International has invested 910,000 euros in 50 million new Bula shares, in a share placing by the company which has raised 1.4 million euros before expenses.
The placing of 77 million new shares represents around 3.5% of existing share capital.
One Nine Investment is a company wholly owned by The Ghaddafi International Charitable Foundation. Bula's technical director William Lowry confirmed that the foundation included members of Colonel Ghaddafi's family, but said he was not sure it was a registered charity as might be understood in Ireland.
Lowry also said the company was trying to renegotiate plans to purchase a production asset in the Gulf of Mexico following the fall in oil prices after September 11.
He said he hoped the Libyan investment would help the company obtain production licences it was seeking in the country.
A Maltese registered Libyan investment company called O&M Management has subscribed for 25 million of the new shares, with the remaining two million going to private investors.
The company says the funds raised will fund an expected increase in exploration activities in Libya.
Bula chairman Albert Reynolds said the investments signalled confidence in the company's future in Libya. Bula shares closed up four cents to 19 cents in Dublin.
