4th Oct 2019 10:37
(Alliance News) - Reabold Resources PLC on Friday confirmed it will conduct an equity placing to raise up to GBP24 million to hike its holdings in portfolio firms and fund the development of a UK onshore project.
The oil & gas-focused investor, in response to media reports, said it is taking soundings from investors about the prospect of raising between GBP20 million and GBP24 million through a bookbuild.
Reabold said: "The majority of the proceeds intended to be utilised to meaningfully increase Reabold's interest in Rathlin Energy UK Ltd, to fund and accelerate the permitted, two well work programme at the West Newton project, and to exercise its existing option in Danube Petroleum Ltd, providing the required funding for the IM-2 well."
The bookbuild is expected to open on Tuesday next week, Reabold added.
Shares in the company were trading 14% lower at 0.94 pence each in London on Friday.
By Eric Cunha; [email protected]
Copyright 2019 Alliance News Limited. All Rights Reserved.
Related Shares:
Reabold Resources