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(Alliance News) - Echo Energy PLC on Monday said it has raised GBP600,000 via an oversubscribed placing of 242.0 million shares at 25 pence each.
Echo is a London-based energy company focused on Latin America.
On Friday, Echo announced a placing by way of accelerated bookbuild to raise at least GBP450,000 in shares at 0.25 pence each. The issue price was around a 3% discount to Thursday's closing price of 0.257p, being the last business day before the announcement.
Subject to shareholder approval, for every one placing share subscribed to the company intends to grant 1.07 warrants to the placees.
The placing proceeds will be put towards working capital, including covering expenses from the debt restructuring, as well as operating cashflow in Argentina, Echo said on Friday.
Shares in Echo were flat at 0.27p each in London on Monday mid-morning.
By Sophie Rose; sophierose@alliancenews.com
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