7th May 2015 10:24
LONDON (Alliance News) - New Zealand-focused oil and gas company Kea Petroleum PLC on Thursday said it has extended the open offer period for its fundraising on the PrimaryBid.com crowdfunding platform for a further two weeks.
The offer period will now close on May 22, having been scheduled to close on Friday this week. The company is seeking to raise GBP3 million via the issue of shares at at least 1 pence per share.
Kea said the aggregated bids received so far total more than GBP1 million, which Kea said it considers to be "satisfactory" progress considering the distractions of the Bank Holiday weekend and the General Election.
The funding is conditional on the company being able to raise at least GBP3 million via PrimaryBid.com and on Kea shareholders passing the necessary resolutions at its general meeting on Friday.
The company is seeking the funds in order to develop the Shannon prospect in New Zealand, which it has identified as its primary focus going forward. Announcing the fundraising in April, however, Kea said its future remains "precarious" owing to cash constraints.
Shares in Kea were untraded Thursday, having last traded at 1.00 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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