25th Nov 2016 09:57
LONDON (Alliance News) - Egdon Resources PLC on Friday said the open offer announced earlier this month has been 1.3 times oversubscribed, with valid acceptances received in respect of the entirety of open offer shares.
Egdon announced earlier in the month that it would raise up to GBP2.1 million in an open offer of 15.2 million shares at 13.5 pence each.
On Friday, it said it has raised total gross proceeds of approximately GBP5.1 million through the issue of 37.5 million shares, comprising both the open offer and a subscription of 22.2 million shares at the same price. Egdon's current market cap is GBP37.4 million.
"Egdon is now well capitalised to deliver on our strategy. Our near-term focus will include gaining the final consent for the development of the Wressle oil field, progressing the company's 14th round licence evaluations and moving the 'A' prospect to drillable status," Managing Director Mark Abbott said in a statement.
Shares in Egdon were untraded on Friday, last quoted at 14.50 pence.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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