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Petro Matad Ltd - petroleum exploration, development and production in Mongolia - Plans to raise USD8.5 million via a placing and subscription by a director and shareholder for new shares at 2.0 pence each. In addition, plans to raise USD500,000 via retail offer at the same price. The placing will be effected by way of an accelerated bookbuild.
Chief Executive Mike Buck intends to subscribe for new shares worth USD100,000 and Petrovis, the company's largest shareholder, intends to subscribe for shares worth USD1.0 million.
The net proceeds will primarily be used to complete and put Heron-1 on production, drill, complete Heron-2 and put on production, drill the Gobi-Bear 1 exploration well and develop renewable energy projects.
Current stock price: 3.75 pence
12-month change: up 1.4%
By Jeremy Cutler, Alliance News reporter
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