31st Mar 2014 13:08
LONDON (Alliance News) - Xplorer PLC Monday said it had raised GBP517,500 through a placing, money it will use to conduct due diligence on two potential acquisitions and make the purchases if due diligence is successful.
In a statement, the investing company that looking to buy up oil production assets said it had placed just over 1.1 million shares at 46 pence a share.
It had said in early February that it was working with its partner and major shareholder Sprint Capital to conduct due diligence on two possible acquisition targets.
"We anticipate that due diligence will shortly be completed, and thus hopefully putting us in a position to transition the acquisition plan to financial close. We hope that the end result is that Xplorer will emerge as a considerable oil production & exploration company," Xplorer Chairman John Davies said in a statement.
Xplorer shares were up 5.6% at 47.50 pence Monday.
By Steve McGrath; [email protected]; @stevemcgrath1
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