9th Oct 2019 11:35
(Alliance News) - Reabold Resources PLC on Wednesday said it has raised GBP24 million in a previously announced share placing.
Reabold issued 2.67 billion new shares at 0.9 pence per share. The placing price represents a 12% discount to the mid-market closing price of 1.03p on Tuesday, the last closing price prior to the announcement of the share placing.
Reabold shares were down 8.4% at 0.94p in London on Wednesday morning.
Earlier in October, the oil & gas-focused investor said was looking to raise between GBP20 million and GBP24 million through a placing to help it increase its interest in Rathlin Energy UK Ltd to up to 75% from 24%.
The funds would also be used to accelerate two well work programmes at the West Newton project within the PEDL 183 licence in Humberside, onshore UK. Rathlin serves as the operator of the PEDL 183 licence.
Proceeds from share placing would further be used to exercise an option to increase Reabold's investment in Danube Petroleum Ltd to between 49% to 52%, Reabold noted.
By Tapan Panchal; [email protected]
Copyright 2019 Alliance News Limited. All Rights Reserved.
Related Shares:
Reabold Resources