LONDON (Alliance News) - Andes Energia PLC on Wednesday said it has raised USD19.0 million via two equity placings to pay for drilling and to cover the cancellation of a USD10.0 million bond.
Andes said it raised USD9.0 million via the issue of 23.0 million shares at 25 pence per share. It said the proceeds will be used to back its drilling programme, primarily in the Chachahuen area of Argentina.
Andes issued a further tranche of shares at the same price to raise USD10.0 million to cover the cancellation of an existing bond.
Andes shares were down 12% in early trade to 24.41 pence.
"The board of Andes is delighted to announce that existing and new shareholders have supported the company in this fundraising which allows us to develop our high-quality portfolio at a faster rate," said Chief Executive Alejandro Jotayan.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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