26th May 2015 08:25
LONDON (Alliance News) - New Zealand-focused oil and gas company Kea Petroleum PLC on Tuesday said it has failed to secure bids totalling GBP3 million via the PrimaryBid.com crowdfunding platform and has suspended trading in its shares.
Kea said it did not manage to get commitments totalling GBP3 million at the minimum price of 1 pence per share via PrimaryBid.com. Earlier this month, the company extended the deadline for its fundraising on PrimaryBid.com to May 22, having only secured bids totalling GBP1 million by that point.
The company said its working capital remains tight and is reliant on it raising new funding. As a result of it failing to secure the funds it needed on PrimaryBid.com, or to date via other means, Kea said it has requested a suspension of trading in its shares pending clarification of its financial position.
Kea said it continues to negotiate on the potential farm-in of its assets as part of its strategic review.
Kea shares are suspended.
By Sam Unsted; [email protected]; @SamUAtAlliance
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