29th Apr 2021 11:51
(Alliance News) - Global Petroleum Ltd on Thursday said it has raised GBP1.0 million through the placing of 222.2 million shares at 0.45 pence each.
Shares in the oil & gas, upstream exploration company were trading 26% lower at 0.46p each on Thursday morning in London.
The Australia-based company has also issued 111.1 million warrants at an exercise price of 0.9p per share for a period of two years, with one warrant for every two ordinary shares. If exercised in full, this would raise a further GBP1 million, giving total proceeds of GBP2 million at an average weighted price of 0.6p per share.
Monecor Ltd, trading as ETX Capital, acted as the sole broker of the placing.
The proceeds will be used to fund commitments for its PEL0094 oil licence in Namibia, which it believes is "highly prospective".
Following admission, Global Petroleum will have 611.5 million shares in issue.
"We are very pleased to have raised additional capital which enables us to progress our exploration activities on PEL0094, and to welcome new shareholders to the company. We look forward to providing further updates in due course," said Chief Executive Officer Peter Hill.
By Will Paige; [email protected]
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