12th Aug 2021 11:29
(Alliance News) - Global Petroleum Ltd has raised GBP1.0 million to part-fund new licence commitments in Namibia, the company announced on Thursday.
The oil & gas exploration company placed 200 million new shares at 0.5 pence per share. The offering also includes 100 million warrants being issued at an exercise price of 1p each for a period of two years.
If the warrants are exercised in full, proceeds will provide an additional GBP1.0 million bringing the total to GBP2.0 million at a weighted average price of 0.67p per share.
Shares were trading 16% lower at 0.51p each on Thursday morning in London.
The placing proceeds will be used to part-fund new commitments at its Namibian PEL0094 licence, where seven new leads are being pursued. The raise will also fund general working capital requirements, the company stated.
Monecor Ltd, trading as ETX Capital, acted as sole broker for the placing.
In April, Global Petroleum raised GBP1.0 million through the placing of 222.2 million shares at 0.45 pence each, again used to fund exploration activities at PEL0094 in Namibia
By Will Paige; [email protected]
Copyright 2021 Alliance News Limited. All Rights Reserved.
Related Shares:
Global Petroleum