4th Feb 2015 08:26
LONDON (Alliance News) - Solo Oil shares were trading lower on Wednesday morning after the oil and gas company said it has raised GBP700,000 in a discounted share placing.
Solo has issued 140 million shares at 0.5 pence per share. Solo shares were down 8.6% to 0.48 pence on Wednesday, one of the worst performers in the AIM All-Share.
"The funds from the placing will be deployed as working capital in our active investments in both Tanzania and the UK and will permit us to move forward with the development of the discoveries we and our partners have made in the Ruvuma and Weald Basins," said Solo Chairman Neil Ritson.
By Sam Unsted; [email protected]; @SamUAtAlliance
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