2nd Jul 2019 11:38
(Alliance News) - Reabold Resources PLC has raised GBP2.7 million, it said Tuesday, which could go towards some acquisitions.
Reabold has placed 240.1 million new shares at a price of 1.10 pence each, with both new and existing shareholders taking part. Shares were 4.3% higher Tuesday at 1.15p in London, giving it a market capitalisation of GBP43.8 million.
This issue price is a 29% premium to both the price at which Reabold last raised funds, 0.85p, and the 90-day volume-weighted average price prior to Tuesday.
Co-Chief Executive Stephen Williams commented: "In less than a year, Reabold has taken part in seven high-impact wells, the most recent of which was the potentially transformative West Newton A-2 appraisal well.
"We are delighted by this progress and, considering the potential of our existing portfolio, we now intend to invest further into these companies to facilitate further drilling activity."
Williams added: "We are also delighted to have completed the placing at a 29% premium to our last fundraise and with minimal dilution to existing shareholders. We would like to welcome our new investors in the company and thank our existing investors for their continued support."
In June, Reabold reported possibly the biggest onshore gas find in the UK since 1973 at West Newton in the UK. It also has assets in Romania and California.
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Reabold Resources