19th Oct 2016 13:29
LONDON (Alliance News) - Rose Petroleum PLC on Wednesday said it has raised GBP1 million to back work on its projects in Mexico.
Rose issued 714.3 million shares at 0.14 pence each. Shares in Rose Petroleum were trading down 6.3% at 0.150p on Wednesday afternoon.
The natural resources company will use the funds to advance its projects in Mexico, to increase cash flow in the short term and for general working capital.
For every two share issued, the subscriber will receive one warrant to subscribe for a new share at 0.25p. The warrants are exercisable for three years. An additional 42.9 million warrants with the same terms will be issued to Turner Pope Investments Ltd, the broker of the offer.
"We are pleased to have been able to accept the favourable terms on which the funding has been offered and look forward to working with TPI in the future. We are confident of a positive outcome on the negotiations in Mexico and will keep the market informed of our progress," Chief Executive Matthew Idiens said in a statement.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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