Reabold, the investor in upstream oil and gas projects, announces a fundraise for gross proceeds of
Highlights of the Fundraise
The Company has raised
The Fundraise was completed at a price of
The net proceeds of the Fundraise will be used, alongside existing cash resources, to provide incremental capital to fund the Company's share of: i) additional appraisal and development activity at the Company's landmark West Newton project, potentially one of the largest oil and gas discoveries onshore
A total of 890,909,093 Ordinary Shares (the 'Placing Shares') have been placed with new and existing institutional investors (the 'Placing') by Stifel, and a total of 472,727,270 Ordinary Shares have been subscribed for (the 'Subscription Shares') by certain Directors and institutional investors (the 'Subscription'), at a price of
The new Ordinary Shares as a result of the Placing and the Subscription (together, the 'Fundraise Shares') will, when issued, be credited as fully paid and will rank pari passu in all respects with the existing Ordinary Shares of the Company, including the right to receive all dividends or other distributions made, paid or declared in respect of such shares after the date of issue of the new Ordinary Shares.
'We are extremely happy to secure the funding required to progress activity across our asset base, including further drilling and testing at West Newton, adding value across the wider PEDL 183 licence, and providing available funding to move the Victory gas development towards FDP in 2021. We look forward to providing updates to the market on these workstreams in due course.'
Contact:
Tel: +44 (0) 20 3757 4980
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