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(Alliance News) - Block Energy PLC on Thursday said it has completed a placing and subscription for 176 million new ordinary shares, raising approximately GBP5.3 million with investors at an issue price of 3.0 pence per share.
Shares in Block Energy were down 23% at 3.20 pence in London on Thursday.
The total amount raised by the London-based oil and gas exploration company comprises of the issue of 144.8 million shares in accordance to a placing and the issue of 31.2 million new shares pursuant to direct subscriptions.
The shares issue price represents a discount of 27% to Wednesday's closing price at 4.15 pence.
Mirabaud Securities Ltd acted as sole bookrunner and broker in connection with the placing.
Chief Executive Paul Haywood said: "I am pleased to be able to announce the successful completion of our placing today. The equity raise enables Block Energy to deploy capital into its significant portfolio, which has been strengthened by the recent acquisition of Schlumberger Rustaveli Company Ltd."
Following the issue, Block Energy now has 614.5 million shares overall
By Zoe Wickens; zoewickens@alliancenews.com
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