LONDON (Alliance News) - Egdon Resources PLC said Tuesday that it had raised GBP606,709 through an over subscribed open offer, to help fund its acquisition of the onshore shale gas business and assets of Alkane Energy PLC.
Egdon announced the acquisition in May and at that time said it planned to raise GBP6.4 million through the placing of 32 million shares at 20 pence each, with an open offer to raise up to a further GBP600,000 through the issue of 3 million shares at the same price.
Egdon received acceptances for 16.3 million shares, around 536% of the maximum open offer shares available.
It said that qualifying shareholders will receive their full entitlement, and after a pro-rata scaling back around 9.185% of open offer shares applied for under the excess application facility.
Shares in Egdon were trading down 0.7% at 28.30 pence Tuesday afternoon.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @hanassallnews
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