27th Jul 2020 11:27
(Alliance News) - Echo Energy PLC on Monday said it raised GBP475,000 in a share placing to boost its cash position and progress work at its Santa Cruz Sur oil and gas asset, Argentina.
Echo will issue 95.0 million shares at 0.5 pence each, with warrants also attached on a one-for-one basis but at 1.0p.
Shares in the company were 11% lower at 0.58p each in London on Monday morning.
Echo said the placing will secure GBP475,000 gross, or GBP450,000 net, in funds.
They company added: "The net proceeds of the placing of approximately GBP450,000 will strengthen the company's cash position, will enable acceleration of prioritised activities in respect of the previously announced initial portfolio of workover and intervention operations at Santa Cruz Sur in Argentina and be applied towards the group's general working capital requirements."
By Eric Cunha; [email protected]
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