Petroleum Africa
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Thursday, September 27, 2018
Petrel Resources raised £400,000 (before expenses) via the placing of 21,621,622 ordinary shares with new investors at a price of 1.85 p per placing share. The placing shares represent approximately 20.68% of its issued share capital, as enlarged by the placing.
The net proceeds of the placing are to be used to fund any costs associated with the ongoing negotiations regarding the company’s Ghanaian assets and will also provide the company with additional working capital, as new projects are assessed.
The placing shares will rank pari passu with the company’s existing ordinary shares of €0.125 each. Application will be made for the Placing Shares to be admitted to trading on AIM and it is expected that such Admission will become effective on or around October 11.
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