2nd May 2018 13:35
LONDON (Alliance News) - Natural resources company Rose Petroleum PLC said on Wednesday it raised GBP1.0 million through the issue of just over 30 million shares.
Rose issued a total of 30.7 million ordinary shares at a price of 3.25 pence per share.
Following a recent acquisition of additional acreage in the US state of Utah, Rose will use a proportion of the funds raised to prepare the Paradox project there.
The share issue is divided in two tranches. The first one raised GBP366,080 and was conducted within the company's existing authority to issue shares. The second one of GBP633,920 is conditional on shareholder approval at the company's general meeting taking place in May.
Rose Petroleum shares were trading at 3.24 pence, down 6.1%.
Related Shares:
Rosebank