13th Jun 2016 10:17
LONDON (Alliance News) - Prospex Oil & Gas PLC on Monday said it has raised GBP100,000 through the issue of 10 million shares at 1 pence each.
Shares in Prospex were trading down 0.6% at 1.08 pence on Monday morning.
The subscription was fully subscribed for by company directors.
Chief Executive Edward Dawson bought 1 million shares, taking his total holding to 2.6 million representing 1.2% of Prospex's issued share capital.
Non-Executive Director Richard Mays bought 1.5 million shares, increasing his stake to 2.8 million shares representing 1.3% of the company's issued share capital.
Non-Executive Chairman William Smith bought 7.5 million shares, giving him a total holding of 9.1 million shares representing 4.2% of Prospex's issued share capital.
Prospex said the funds will be used to support the activities of Hutton Poland Ltd, in which it holds a 49% stake, and comes after it already raised GBP1.6 million at the end of May for the same reason.
Hutton is planning to drill a well on its Boleslaw prospect in Poland, targeting a well spud date in the fourth quarter of 2016.
"We are pleased to have participated in the company's funding and look forward to the well being drilled later this year. We believe the investment in Hutton Poland has superb potential; a successful well would release great value," Smith said in a statement.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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