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(Alliance News) - Reabold Resources PLC said Monday it has agreed to raise its interest in Danube Petroleum Ltd to 43% through a subscription of new shares.
The oil & gas-focused investment firm has exercised its option to subscribe for 200,000 shares in oil & gas firm Daunbe for GBP1.20 per share, or GBP240,000 in total.
Following this agreement, Reabold now holds a 43% stake in Danube, which holds a 100% working interest in the sole risk area within the Parta licence in Romania that includes the Iecea Mica-1 appraisal well.
Reabold retains the option to invest another GBP1.7 million in Danube at the fixed price of GBP1.20 per share.
Also on Friday, Reabold said it has taken part in the second tranche of Corallian Energy Ltd's recently completed round six fundraise, subscribing for 47,727 shares in Corallian for GBP2.20 per share, totalling GBP105,000.
In the fundraise, Corallian raised GBP300,000 through the issue of 136,363 shares for GBP2.20 each.
Proceeds from the subscription will go towards Corallian preparing for a planned initial public offering in the second half of 2020, and finalising the UK North Sea well locations for the Unst prospect in licence P2464 and Dunrobin prospect in licence P2478.
Corallian did not disclose which stock exchange the initial public offering would be for. Following the subscription, Reabold's interest in Corallian remains unchanged at 35%.
Shares in Reabold Resources - which is headquartered in London - were up 0.4% at 0.86 pence on Friday.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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