9th Mar 2021 11:19
Prospex Energy PLC - investment company focused on European power projects - Raises GBP750,000 via a placing of 50.0 million new shares at a price of 1.5 pence each. Says warrants also will be issued to share subscribers, on the basis of one warrant per two placing shares, with an exercise price of 3p and a term of two years from admission.
The net proceeds of the placing will primarily be used to fund planned programmes at the El Romeral integrated gas production and power station operation in southern Spain, and the Podere Gallina licence, onshore Italy, where first gas at the Selva field is expected to commence later in 2021. The remaining proceeds will be used for general working capital purposes, including the evaluation of new business opportunities, Prospex notes.
Following the admission, the company will have 138.5 million shares overall.
Current stock price: 1.70 pence, down 19% on Tuesday
Year-to-date change: down 23%
By Evelina Grecenko; [email protected]
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